UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2023
OR
|
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: 814-01175
BAIN CAPITAL SPECIALTY FINANCE, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
|
81-2878769 |
(State or Other Jurisdiction of |
|
(I.R.S. Employer |
Incorporation or Organization) |
|
Identification No.) |
200 Clarendon Street, 37th Floor |
|
|
Boston, MA |
|
02116 |
(Address of Principal Executive Office) |
|
(Zip Code) |
(617) 516-2000
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
|
BCSF |
|
New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.
Large accelerated filer ☒ |
Accelerated filer ☐ |
Non-accelerated filer ☐ |
Smaller reporting company ☐ |
|
Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒
As of August 8, 2023 the registrant had 64,562,265.27 shares of common stock outstanding.
Table of Contents
i
FORWARD-LOOKING STATEMENTS
Statements contained in this Quarterly Report on Form 10-Q (the “Quarterly Report”) (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company, BCSF Advisors, LP (the “Advisor”) and/or Bain Capital Credit, LP and its affiliated advisers (collectively, “Bain Capital Credit”). Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Quarterly Report constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K (the “Annual Report”) for the fiscal year ended December 31, 2022 and in our filings with the Securities and Exchange Commission (the “SEC”).
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Quarterly Report because we are an investment company.
ii
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Bain Capital Specialty Finance, Inc.
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share data)
|
|
As of |
|
|
As of |
|
||||
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
||||
|
|
(Unaudited) |
|
|
|
|
|
|||
Assets |
|
|
|
|
|
|
|
|
||
Investments at fair value: |
|
|
|
|
|
|
|
|
||
Non-controlled/non-affiliate investments (amortized cost of $1,745,841 and $1,846,172, respectively) |
|
$ |
|
1,669,079 |
|
|
$ |
|
1,774,947 |
|
Non-controlled/affiliate investment (amortized cost of $149,376 and $133,808, respectively) |
|
|
|
191,995 |
|
|
|
|
173,400 |
|
Controlled affiliate investment (amortized cost of $520,410 and $439,958, respectively) |
|
|
|
524,198 |
|
|
|
|
438,630 |
|
Cash and cash equivalents |
|
|
|
87,727 |
|
|
|
|
30,205 |
|
Foreign cash (cost of $5,203 and $34,528, respectively) |
|
|
|
4,612 |
|
|
|
|
29,575 |
|
Restricted cash and cash equivalents |
|
|
|
36,243 |
|
|
|
|
65,950 |
|
|
|
|
7,545 |
|
|
|
|
9,612 |
|
|
Deferred financing costs |
|
|
|
3,276 |
|
|
|
|
3,742 |
|
Interest receivable on investments |
|
|
|
40,342 |
|
|
|
|
34,270 |
|
Receivable for sales and paydowns of investments |
|
|
|
95,893 |
|
|
|
|
18,166 |
|
Prepaid Insurance |
|
|
|
605 |
|
|
|
|
194 |
|
Unrealized appreciation on forward currency exchange contracts |
|
|
|
55 |
|
|
|
|
62 |
|
Dividend receivable |
|
|
|
13,818 |
|
|
|
|
13,681 |
|
Total Assets |
|
$ |
|
2,675,388 |
|
|
$ |
|
2,592,434 |
|
|
|
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
|
|
||
Debt (net of unamortized debt issuance costs of $8,893 and $10,197, respectively) |
|
$ |
|
1,489,607 |
|
|
$ |
|
1,385,303 |
|
Interest payable |
|
|
|
15,897 |
|
|
|
|
12,130 |
|
Payable for investments purchased |
|
|
|
233 |
|
|
|
|
34,292 |
|
Base management fee payable |
|
|
|
9,116 |
|
|
|
|
8,906 |
|
Incentive fee payable |
|
|
|
4,008 |
|
|
|
|
9,216 |
|
Unrealized depreciation on forward currency exchange contracts |
|
|
|
1,308 |
|
|
|
|
— |
|
Accounts payable and accrued expenses |
|
|
|
4,906 |
|
|
|
|
2,954 |
|
Distributions payable |
|
|
|
24,534 |
|
|
|
|
23,242 |
|
Total Liabilities |
|
|
|
1,549,609 |
|
|
|
|
1,476,043 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Net Assets |
|
|
|
|
|
|
|
|
||
Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,562,265 and 64,562,265 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively |
|
|
|
65 |
|
|
|
|
65 |
|
Paid in capital in excess of par value |
|
|
|
1,168,384 |
|
|
|
|
1,168,384 |
|
Total distributable loss |
|
|
|
(42,670 |
) |
|
|
|
(52,058 |
) |
Total Net Assets |
|
|
|
1,125,779 |
|
|
|
|
1,116,391 |
|
Total Liabilities and Total Net Assets |
|
$ |
|
2,675,388 |
|
|
$ |
|
2,592,434 |
|
|
|
|
|
|
|
|
|
|
||
Net asset value per share |
|
$ |
|
17.44 |
|
|
$ |
|
17.29 |
|
See Notes to Consolidated Financial Statements
3
Bain Capital Specialty Finance, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)
|
|
For the Three Months Ended June 30 |
|
|
For the Three Months Ended June 30 |
|
|
For the Six Months Ended June 30 |
|
|
For the Six Months Ended June 30 |
|
||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||||
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment income from non-controlled/non-affiliate investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest from investments |
|
$ |
|
47,101 |
|
|
$ |
|
29,769 |
|
|
$ |
|
95,170 |
|
|
$ |
|
64,056 |
|
Dividend income |
|
|
|
61 |
|
|
|
|
— |
|
|
|
|
62 |
|
|
|
|
108 |
|
PIK income |
|
|
|
6,249 |
|
|
|
|
2,375 |
|
|
|
|
10,089 |
|
|
|
|
4,883 |
|
Other income |
|
|
|
1,922 |
|
|
|
|
7,690 |
|
|
|
|
7,170 |
|
|
|
|
8,155 |
|
Total investment income from non-controlled/non-affiliate investments |
|
|
|
55,333 |
|
|
|
|
39,834 |
|
|
|
|
112,491 |
|
|
|
|
77,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment income from non-controlled/affiliate investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest from investments |
|
|
|
2,525 |
|
|
|
|
1,901 |
|
|
|
|
4,963 |
|
|
|
|
2,225 |
|
Dividend income |
|
|
|
1,630 |
|
|
|
|
1,851 |
|
|
|
|
3,005 |
|
|
|
|
1,851 |
|
PIK income |
|
|
|
628 |
|
|
|
|
45 |
|
|
|
|
1,022 |
|
|
|
|
1,449 |
|
Total investment income from non-controlled/affiliate investments |
|
|
|
4,783 |
|
|
|
|
3,797 |
|
|
|
|
8,990 |
|
|
|
|
5,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment income from controlled affiliate investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest from investments |
|
|
|
8,562 |
|
|
|
|
4,214 |
|
|
|
|
14,917 |
|
|
|
|
7,636 |
|
Dividend income |
|
|
|
7,037 |
|
|
|
|
4,519 |
|
|
|
|
14,054 |
|
|
|
|
8,012 |
|
Total investment income from controlled affiliate investments |
|
|
|
15,599 |
|
|
|
|
8,733 |
|
|
|
|
28,971 |
|
|
|
|
15,648 |
|
Total investment income |
|
|
|
75,715 |
|
|
|
|
52,364 |
|
|
|
|
150,452 |
|
|
|
|
98,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and debt financing expenses |
|
|
|
20,459 |
|
|
|
|
11,027 |
|
|
|
|
40,009 |
|
|
|
|
21,670 |
|
Base management fee |
|
|
|
9,116 |
|
|
|
|
8,451 |
|
|
|
|
18,026 |
|
|
|
|
16,820 |
|
Incentive fee |
|
|
|
4,008 |
|
|
|
|
4,069 |
|
|
|
|
15,118 |
|
|
|
|
7,380 |
|
Professional fees |
|
|
|
451 |
|
|
|
|
446 |
|
|
|
|
1,032 |
|
|
|
|
836 |
|
Directors fees |
|
|
|
179 |
|
|
|
|
179 |
|
|
|
|
353 |
|
|
|
|
354 |
|
Other general and administrative expenses |
|
|
|
1,493 |
|
|
|
|
1,477 |
|
|
|
|
3,152 |
|
|
|
|
2,897 |
|
Total expenses, net of fee waivers |
|
|
|
35,706 |
|
|
|
|
25,649 |
|
|
|
|
77,690 |
|
|
|
|
49,957 |
|
Net investment income before taxes |
|
|
|
40,009 |
|
|
|
|
26,715 |
|
|
|
|
72,762 |
|
|
|
|
48,418 |
|
Income tax expense, including excise tax |
|
|
|
1,097 |
|
|
|
|
— |
|
|
|
|
1,692 |
|
|
|
|
— |
|
Net investment income |
|
|
|
38,912 |
|
|
|
|
26,715 |
|
|
|
|
71,070 |
|
|
|
|
48,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized loss on non-controlled/non-affiliate investments |
|
|
|
(229 |
) |
|
|
|
(2,576 |
) |
|
|
|
(10,880 |
) |
|
|
|
(1,159 |
) |
Net realized gain (loss) on foreign currency transactions |
|
|
|
(321 |
) |
|
|
|
3,166 |
|
|
|
|
(4,534 |
) |
|
|
|
2,678 |
|
Net realized gain (loss) on forward currency exchange contracts |
|
|
|
— |
|
|
|
|
2,018 |
|
|
|
|
(2,385 |
) |
|
|
|
3,261 |
|
Net change in unrealized appreciation on foreign currency translation |
|
|
|
127 |
|
|
|
|
(2,051 |
) |
|
|
|
3,894 |
|
|
|
|
(1,705 |
) |
Net change in unrealized appreciation on forward currency exchange contracts |
|
|
|
(1,476 |
) |
|
|
|
8,124 |
|
|
|
|
(1,315 |
) |
|
|
|
9,775 |
|
Net change in unrealized appreciation on non-controlled/non-affiliate investments |
|
|
|
(6,925 |
) |
|
|
|
(27,206 |
) |
|
|
|
(5,537 |
) |
|
|
|
(32,314 |
) |
Net change in unrealized appreciation on non-controlled/affiliate investments |
|
|
|
(432 |
) |
|
|
|
9,102 |
|
|
|
|
3,027 |
|
|
|
|
14,769 |
|
Net change in unrealized appreciation on controlled affiliate investments |
|
|
|
(485 |
) |
|
|
|
(63 |
) |
|
|
|
5,116 |
|
|
|
|
7,187 |
|
Total net gains (losses) |
|
|
|
(9,741 |
) |
|
|
|
(9,486 |
) |
|
|
|
(12,614 |
) |
|
|
|
2,492 |
|
Net increase in net assets resulting from operations |
|
$ |
|
29,171 |
|
|
$ |
|
17,229 |
|
|
$ |
|
58,456 |
|
|
$ |
|
50,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted net investment income per common share |
|
$ |
|
0.60 |
|
|
$ |
|
0.41 |
|
|
$ |
|
1.10 |
|
|
$ |
|
0.75 |
|
Basic and diluted increase in net assets resulting from operations per common share |
|
$ |
|
0.45 |
|
|
$ |
|
0.27 |
|
|
$ |
|
0.91 |
|
|
$ |
|
0.79 |
|
Basic and diluted weighted average common shares outstanding |
|
|
|
64,562,265 |
|
|
|
|
64,562,265 |
|
|
|
|
64,562,265 |
|
|
|
|
64,562,265 |
|
See Notes to Consolidated Financial Statements
4
Bain Capital Specialty Finance, Inc.
Consolidated Statements of Changes in Net Assets
(in thousands, except share and per share data)
(Unaudited)
|
|
For the Three Months Ended June 30 |
|
|
For the Three Months Ended June 30 |
|
|
For the Six Months Ended June 30 |
|
|
For the Six Months Ended June 30 |
|
||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income |
|
$ |
|
38,912 |
|
|
$ |
|
26,715 |
|
|
$ |
|
71,070 |
|
|
$ |
|
48,418 |
|
Net realized gain (loss) |
|
|
|
(550 |
) |
|
|
|
2,608 |
|
|
|
|
(17,799 |
) |
|
|
|
4,780 |
|
Net change in unrealized appreciation |
|
|
|
(9,191 |
) |
|
|
|
(12,094 |
) |
|
|
|
5,185 |
|
|
|
|
(2,288 |
) |
Net increase in net assets resulting from operations |
|
|
|
29,171 |
|
|
|
|
17,229 |
|
|
|
|
58,456 |
|
|
|
|
50,910 |
|
Stockholder distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributions from distributable earnings |
|
|
|
(24,534 |
) |
|
|
|
(21,951 |
) |
|
|
|
(49,068 |
) |
|
|
|
(43,902 |
) |
Net decrease in net assets resulting from stockholder distributions |
|
|
|
(24,534 |
) |
|
|
|
(21,951 |
) |
|
|
|
(49,068 |
) |
|
|
|
(43,902 |
) |
Total increase (decrease) in net assets |
|
|
|
4,637 |
|
|
|
|
(4,722 |
) |
|
|
|
9,388 |
|
|
|
|
7,008 |
|
Net assets at beginning of period |
|
|
|
1,121,142 |
|
|
|
|
1,111,736 |
|
|
|
|
1,116,391 |
|
|
|
|
1,100,006 |
|
Net assets at end of period |
|
$ |
|
1,125,779 |
|
|
$ |
|
1,107,014 |
|
|
$ |
|
1,125,779 |
|
|
$ |
|
1,107,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net asset value per common share |
|
$ |
|
17.44 |
|
|
$ |
|
17.15 |
|
|
$ |
|
17.44 |
|
|
$ |
|
17.15 |
|
Common stock outstanding at end of period |
|
|
|
64,562,265 |
|
|
|
|
64,562,265 |
|
|
|
|
64,562,265 |
|
|
|
|
64,562,265 |
|
See Notes to Consolidated Financial Statements
5
Bain Capital Specialty Finance, Inc.
Consolidated Statements of Cash Flows
(in thousands, except share and per share data)
(Unaudited)
|
|
For the Six Months Ended June 30 |
|
|
For the Six Months Ended June 30 |
|
||||
|
|
|
2023 |
|
|
|
2022 |
|
||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
||
Net increase in net assets resulting from operations |
|
$ |
|
58,456 |
|
|
$ |
|
50,910 |
|
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities: |
|
|
|
|
|
|
|
|
||
Purchases of investments |
|
|
|
(539,565 |
) |
|
|
|
(761,843 |
) |
Proceeds from principal payments and sales of investments |
|
|
|
435,472 |
|
|
|
|
434,198 |
|
Net realized loss from investments |
|
|
|
10,880 |
|
|
|
|
1,159 |
|
Net realized (gain) loss on foreign currency transactions |
|
|
|
4,534 |
|
|
|
|
(2,678 |
) |
Net change in unrealized appreciation on forward currency exchange contracts |
|
|
|
1,315 |
|
|
|
|
(9,775 |
) |
Net change in unrealized appreciation on investments |
|
|
|
(2,606 |
) |
|
|
|
10,358 |
|
Net change in unrealized appreciation on foreign currency translation |
|
|
|
(3,894 |
) |
|
|
|
1,705 |
|
Increase in investments due to PIK |
|
|
|
(11,111 |
) |
|
|
|
(6,314 |
) |
Accretion of discounts and amortization of premiums |
|
|
|
(3,151 |
) |
|
|
|
(2,694 |
) |
Amortization of deferred financing costs and debt issuance costs |
|
|
|
1,770 |
|
|
|
|
2,001 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
||
Collateral on forward currency exchange contracts |
|
|
|
2,067 |
|
|
|
|
5,558 |
|
Interest receivable on investments |
|
|
|
(6,072 |
) |
|
|
|
(8,507 |
) |
Prepaid Insurance |
|
|
|
(411 |
) |
|
|
|
(366 |
) |
Dividend receivable |
|
|
|
(137 |
) |
|
|
|
7,571 |
|
Interest payable |
|
|
|
3,767 |
|
|
|
|
106 |
|
Base management fee payable |
|
|
|
210 |
|
|
|
|
(341 |
) |
Incentive fee payable |
|
|
|
(5,208 |
) |
|
|
|
(658 |
) |
Accounts payable and accrued expenses |
|
|
|
1,952 |
|
|
|
|
(579 |
) |
Net cash used in operating activities |
|
|
|
(51,732 |
) |
|
|
|
(280,189 |
) |
|
|
|
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
|
|
|
||
Borrowings on debt |
|
|
|
308,000 |
|
|
|
|
349,747 |
|
Repayments on debt |
|
|
|
(205,000 |
) |
|
|
|
(157,000 |
) |
Payments of financing costs |
|
|
|
— |
|
|
|
|
(2,186 |
) |
Stockholder distributions paid |
|
|
|
(47,776 |
) |
|
|
|
(43,902 |
) |
Net cash provided by financing activities |
|
|
|
55,224 |
|
|
|
|
146,659 |
|
Net increase (decrease) in cash, foreign cash, restricted cash and cash equivalents |
|
|
|
3,492 |
|
|
|
|
(133,530 |
) |
Effect of foreign currency exchange rates |
|
|
|
(640 |
) |
|
|
|
(1,125 |
) |
Cash, foreign cash, restricted cash and cash equivalents, beginning of period |
|
|
|
125,730 |
|
|
|
|
203,581 |
|
Cash, foreign cash, restricted cash and cash equivalents, end of period |
|
$ |
|
128,582 |
|
|
$ |
|
68,926 |
|
|
|
|
|
|
|
|
|
|
||
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
||
Cash interest paid during the period |
|
$ |
|
34,472 |
|
|
$ |
|
19,562 |
|
Cash paid for income taxes, including excise taxes during the period |
|
$ |
|
1,209 |
|
|
$ |
|
— |
|
Supplemental disclosure of non-cash information: |
|
|
|
|
|
|
|
|
||
Company investment into Bain Capital Senior Loan Program, LLC |
|
$ |
|
— |
|
|
$ |
|
5,584 |
|
Deconsolidation of BCC Middle Market CLO 2018-1 LLC |
|
|
|
|
|
|
|
|
||
Disposition of assets |
|
$ |
|
— |
|
|
$ |
|
470,616 |
|
Reduction of liabilities |
|
$ |
|
— |
|
|
$ |
|
(390,448 |
) |
|
|
2023 |
|
|
|
2022 |
|
|||
Cash |
|
$ |
|
87,727 |
|
|
$ |
|
38,013 |
|
Restricted cash |
|
|
|
36,243 |
|
|
|
|
25,910 |
|
Foreign cash |
|
|
|
4,612 |
|
|
|
|
5,003 |
|
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows |
|
$ |
|
128,582 |
|
|
$ |
|
68,926 |
|
See Notes to Consolidated Financial Statements
6
Bain Capital Specialty Finance, Inc.
Consolidated Schedule of Investments
As of June 30, 2023
(In thousands)
(Unaudited)
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Forming Machining Industries Holdings, LLC (18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
4.25% |
|
|
9.66 |
% |
|
10/9/2025 |
|
$ |
|
16,185 |
|
|
|
16,136 |
|
|
|
13,676 |
|
|
|
|
|
Forming Machining Industries Holdings, LLC (18)(19) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
8.25% |
|
|
13.66 |
% |
|
10/9/2026 |
|
$ |
|
6,540 |
|
|
|
6,509 |
|
|
|
5,330 |
|
|
|
|
|
GSP Holdings, LLC (15)(19)(26)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.75% (0.25% PIK) |
|
|
11.14 |
% |
|
11/6/2025 |
|
$ |
|
35,388 |
|
|
|
35,530 |
|
|
|
33,088 |
|
|
|
|
|
GSP Holdings, LLC (3)(15)(19)(26) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
5.75% (0.25% PIK) |
|
|
11.14 |
% |
|
11/6/2025 |
|
$ |
|
2,283 |
|
|
|
2,265 |
|
|
|
1,987 |
|
|
|
|
|
Kellstrom Aerospace Group, Inc (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1 |
|
|
|
1,963 |
|
|
|
968 |
|
|
|
|
||
Kellstrom Commercial Aerospace, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.50% |
|
|
11.72 |
% |
|
7/1/2025 |
|
$ |
|
29,724 |
|
|
|
29,327 |
|
|
|
28,684 |
|
|
|
|
|
Kellstrom Commercial Aerospace, Inc. (3)(15)(19)(26) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
6.50% (0.50% PIK) |
|
|
12.03 |
% |
|
7/1/2025 |
|
$ |
|
1,112 |
|
|
|
1,105 |
|
|
|
961 |
|
|
|
|
|
Mach Acquisition R/C (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
7.65% |
|
|
12.90 |
% |
|
10/18/2026 |
|
$ |
|
7,532 |
|
|
|
7,399 |
|
|
|
6,930 |
|
|
|
|
|
Mach Acquisition T/L (15)(19)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
4.50% (4.00% PIK) |
|
|
13.77 |
% |
|
10/18/2026 |
|
$ |
|
33,826 |
|
|
|
33,390 |
|
|
|
31,796 |
|
|
|
|
|
Precision Ultimate Holdings, LLC (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1,417 |
|
|
|
1,417 |
|
|
|
1,192 |
|
|
|
|
||
Robinson Helicopter (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1,592 |
|
|
|
1,592 |
|
|
|
1,706 |
|
|
|
|
||
Robinson Helicopter (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.50% |
|
|
11.70 |
% |
|
6/30/2028 |
|
$ |
|
15,736 |
|
|
|
15,427 |
|
|
|
15,736 |
|
|
|
|
|
Saturn Purchaser Corp. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.60% |
|
|
10.69 |
% |
|
7/23/2029 |
|
$ |
|
46,032 |
|
|
|
45,589 |
|
|
|
46,032 |
|
|
|
|
|
Saturn Purchaser Corp. (3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
7/22/2029 |
|
$ |
|
— |
|
|
|
(42 |
) |
|
|
— |
|
|
|
|
||
Whitcraft-Paradigm (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.00% |
|
|
12.34 |
% |
|
2/28/2029 |
|
$ |
|
12,424 |
|
|
|
12,309 |
|
|
|
12,300 |
|
|
|
|
|
Whitcraft-Paradigm (2)(3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
2/28/2029 |
|
$ |
|
— |
|
|
|
(21 |
) |
|
|
(22 |
) |
|
|
|
||
WP CPP Holdings, LLC. (15)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
7.75% |
|
|
13.03 |
% |
|
4/30/2026 |
|
$ |
|
11,724 |
|
|
|
11,671 |
|
|
|
9,380 |
|
|
|
|
|
Aerospace & Defense Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
221,566 |
|
|
$ |
209,744 |
|
|
|
18.6 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Automotive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
American Trailer Rental Group (19)(26) |
|
Subordinated Debt |
|
— |
|
9.00% (2.00% PIK) |
|
|
11.00 |
% |
|
12/1/2027 |
|
$ |
|
5,050 |
|
|
|
4,994 |
|
|
|
4,973 |
|
|
|
|
|
American Trailer Rental Group (19)(26) |
|
Subordinated Debt |
|
— |
|
9.00% (2.00% PIK) |
|
|
11.00 |
% |
|
12/1/2027 |
|
$ |
|
15,580 |
|
|
|
15,324 |
|
|
|
15,347 |
|
|
|
|
|
American Trailer Rental Group (19)(26) |
|
Subordinated Debt |
|
— |
|
9.00% (2.00% PIK) |
|
|
11.00 |
% |
|
12/1/2027 |
|
$ |
|
19,456 |
|
|
|
19,120 |
|
|
|
19,164 |
|
|
|
|
|
Cardo (6)(17)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
5.50% |
|
|
11.08 |
% |
|
5/12/2028 |
|
$ |
|
98 |
|
|
|
97 |
|
|
|
98 |
|
|
|
|
|
Gills Point S (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.00% |
|
|
12.09 |
% |
|
5/15/2029 |
|
$ |
|
12,695 |
|
|
|
12,695 |
|
|
|
12,695 |
|
|
|
|
|
Gills Point S (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
5/15/2029 |
|
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Gills Point S (3)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
— |
|
— |
|
— |
|
|
5/15/2029 |
|
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Gills Point S (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
2 |
|
|
|
184 |
|
|
|
184 |
|
|
|
|
||
Intoxalock (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.75% |
|
|
12.00 |
% |
|
11/1/2028 |
|
$ |
|
12,189 |
|
|
|
12,080 |
|
|
|
12,128 |
|
|
|
|
|
Intoxalock (2)(3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
11/1/2028 |
|
$ |
|
— |
|
|
|
(31 |
) |
|
|
(17 |
) |
|
|
|
||
JHCC Holdings, LLC (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
5.50% |
|
|
10.66 |
% |
|
9/9/2025 |
|
$ |
|
— |
|
|
|
19 |
|
|
|
3 |
|
|
|
|
|
JHCC Holdings, LLC (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.50% |
|
|
10.89 |
% |
|
9/9/2025 |
|
$ |
|
12,104 |
|
|
|
12,032 |
|
|
|
12,104 |
|
|
|
|
|
JHCC Holdings, LLC (3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
9/9/2025 |
|
$ |
|
— |
|
|
|
(25 |
) |
|
|
— |
|
|
|
|
||
Automotive Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
76,489 |
|
|
$ |
76,679 |
|
|
|
6.8 |
% |
||
7
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Banking, Finance, Insurance & Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Morrow Sodali (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
5.00% |
|
|
10.20 |
% |
|
4/25/2028 |
|
$ |
|
762 |
|
|
|
736 |
|
|
|
741 |
|
|
|
|
|
Morrow Sodali (15)(19)(29) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
5.00% |
|
|
10.20 |
% |
|
4/25/2028 |
|
$ |
|
2,639 |
|
|
|
2,623 |
|
|
|
2,613 |
|
|
|
|
|
Morrow Sodali (3)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
5.25% |
|
|
10.45 |
% |
|
4/25/2028 |
|
$ |
|
1,960 |
|
|
|
1,902 |
|
|
|
1,938 |
|
|
|
|
|
Banking, Finance, Insurance & Real Estate Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,261 |
|
|
$ |
5,292 |
|
|
|
0.5 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beverage, Food & Tobacco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Arctic Glacier U.S.A., Inc. (19)(31) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.50% |
|
|
11.65 |
% |
|
5/24/2028 |
|
$ |
|
13,073 |
|
|
|
12,814 |
|
|
|
12,812 |
|
|
|
|
|
Arctic Glacier U.S.A., Inc. (3)(19)(26)(31) |
|
First Lien Senior Secured Loan - Revolver |
|
P |
|
4.25% (4.00% PIK) |
|
|
13.86 |
% |
|
5/24/2028 |
|
$ |
|
1,085 |
|
|
|
1,047 |
|
|
|
1,046 |
|
|
|
|
|
NPC International, Inc. (14)(19)(25)(27) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
342 |
|
|
|
512 |
|
|
|
41 |
|
|
|
|
||
PPX (14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
33 |
|
|
|
— |
|
|
|
187 |
|
|
|
|
||
PPX (14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
33 |
|
|
|
5,000 |
|
|
|
6,159 |
|
|
|
|
||
Beverage, Food & Tobacco Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
19,373 |
|
|
$ |
20,245 |
|
|
|
1.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
ClockSpring (15)(19)(26) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
6.50% (5.00% PIK) |
|
|
16.74 |
% |
|
8/1/2025 |
|
$ |
|
5,436 |
|
|
|
5,368 |
|
|
|
5,436 |
|
|
|
|
|
East BCC Coinvest II, LLC (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1,419 |
|
|
|
1,419 |
|
|
|
608 |
|
|
|
|
||
Ergotron Acquisition LLC (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.75% |
|
|
10.96 |
% |
|
7/6/2028 |
|
$ |
|
12,158 |
|
|
|
11,946 |
|
|
|
12,037 |
|
|
|
|
|
FCG Acquisitions, Inc. (14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Jonathan Acquisition Company (15)(19) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
9.10% |
|
|
14.32 |
% |
|
12/22/2027 |
|
$ |
|
8,000 |
|
|
|
7,855 |
|
|
|
7,880 |
|
|
|
|
|
TCFIII Owl Finance, LLC (19) |
|
Subordinated Debt |
|
— |
|
12.00% |
|
|
12.00 |
% |
|
1/30/2027 |
|
$ |
|
5,142 |
|
|
|
5,090 |
|
|
|
4,962 |
|
|
|
|
|
Capital Equipment Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
31,678 |
|
|
$ |
30,923 |
|
|
|
2.7 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
AP Plastics Group, LLC (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
4.75% |
|
|
9.99 |
% |
|
8/10/2028 |
|
$ |
|
7,212 |
|
|
|
7,020 |
|
|
|
6,960 |
|
|
|
|
|
Hultec (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1 |
|
|
|
651 |
|
|
|
651 |
|
|
|
|
||
V Global Holdings LLC (16)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.75% |
|
|
10.87 |
% |
|
12/22/2027 |
|
$ |
|
5,832 |
|
|
|
5,741 |
|
|
|
5,745 |
|
|
|
|
|
V Global Holdings LLC (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
5.75% |
|
|
10.99 |
% |
|
12/22/2025 |
|
$ |
|
2,397 |
|
|
|
2,275 |
|
|
|
2,252 |
|
|
|
|
|
V Global Holdings LLC (16)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
5.75% |
|
|
9.41 |
% |
|
12/22/2027 |
|
€ |
|
99 |
|
|
|
103 |
|
|
|
107 |
|
|
|
|
|
Chemicals, Plastics & Rubber Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,790 |
|
|
$ |
15,715 |
|
|
|
1.4 |
% |
||
8
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction & Building |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Chase Industries, Inc. (15)(19)(26) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
7.00% PIK |
|
|
12.54 |
% |
|
5/12/2025 |
|
$ |
|
1,403 |
|
|
|
1,402 |
|
|
|
1,305 |
|
|
|
|
|
Chase Industries, Inc. (15)(19)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
7.00% PIK |
|
|
12.54 |
% |
|
5/12/2025 |
|
$ |
|
14,833 |
|
|
|
14,815 |
|
|
|
13,795 |
|
|
|
|
|
Elk Parent Holdings, LP (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1 |
|
|
|
12 |
|
|
|
796 |
|
|
|
|
||
Elk Parent Holdings, LP (14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
120 |
|
|
|
1,202 |
|
|
|
1,607 |
|
|
|
|
||
Regan Development Holdings Limited (6)(17)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
6.50% |
|
|
9.78 |
% |
|
10/29/2023 |
|
€ |
|
2,087 |
|
|
|
2,274 |
|
|
|
2,186 |
|
|
|
|
|
Regan Development Holdings Limited (6)(17)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
6.50% |
|
|
9.78 |
% |
|
10/29/2023 |
|
€ |
|
677 |
|
|
|
768 |
|
|
|
709 |
|
|
|
|
|
Regan Development Holdings Limited (6)(17)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
6.50% |
|
|
9.78 |
% |
|
10/29/2023 |
|
€ |
|
6,335 |
|
|
|
6,902 |
|
|
|
6,617 |
|
|
|
|
|
Service Master (3)(15)(19)(26) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
7.50% (1.00% PIK) |
|
|
14.01 |
% |
|
8/16/2027 |
|
$ |
|
4,872 |
|
|
|
4,778 |
|
|
|
4,872 |
|
|
|
|
|
Service Master (15)(19)(26) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.50% (1.00% PIK) |
|
|
13.77 |
% |
|
8/16/2027 |
|
$ |
|
915 |
|
|
|
902 |
|
|
|
915 |
|
|
|
|
|
Service Master (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
350 |
|
|
|
356 |
|
|
|
404 |
|
|
|
|
||
Service Master (15)(19)(26) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.50% (1.00% PIK) |
|
|
13.77 |
% |
|
8/16/2027 |
|
$ |
|
21,807 |
|
|
|
21,807 |
|
|
|
21,807 |
|
|
|
|
|
YLG Holdings, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.00% |
|
|
10.18 |
% |
|
10/31/2025 |
|
$ |
|
17,050 |
|
|
|
16,990 |
|
|
|
17,050 |
|
|
|
|
|
YLG Holdings, Inc. (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
5.00% |
|
|
10.15 |
% |
|
10/31/2025 |
|
$ |
|
4,996 |
|
|
|
4,993 |
|
|
|
4,996 |
|
|
|
|
|
YLG Holdings, Inc. (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
5.00% |
|
|
10.35 |
% |
|
10/31/2025 |
|
$ |
|
598 |
|
|
|
565 |
|
|
|
598 |
|
|
|
|
|
Construction & Building Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
77,766 |
|
|
$ |
77,657 |
|
|
|
6.9 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consumer Goods: Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
New Milani Group LLC (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.50% |
|
|
10.70 |
% |
|
6/6/2024 |
|
$ |
|
11,389 |
|
|
|
11,205 |
|
|
|
11,389 |
|
|
|
|
|
Stanton Carpet (15)(19) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
9.00% |
|
|
14.42 |
% |
|
3/31/2028 |
|
$ |
|
11,434 |
|
|
|
11,250 |
|
|
|
11,434 |
|
|
|
|
|
Tangent Technologies Acquisition, LLC (15)(19) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
8.75% |
|
|
13.74 |
% |
|
5/30/2028 |
|
$ |
|
8,915 |
|
|
|
8,769 |
|
|
|
8,804 |
|
|
|
|
|
TLC Holdco LP (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1,281 |
|
|
|
1,221 |
|
|
|
— |
|
|
|
|
||
TLC Purchaser, Inc. (15)(19)(26) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
2.26% (6.25% PIK) |
|
|
13.77 |
% |
|
10/13/2025 |
|
$ |
|
36,570 |
|
|
|
36,066 |
|
|
|
28,616 |
|
|
|
|
|
TLC Purchaser, Inc. (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
6.25% |
|
|
11.75 |
% |
|
10/13/2025 |
|
$ |
|
5,408 |
|
|
|
5,290 |
|
|
|
3,337 |
|
|
|
|
|
Consumer Goods: Durable Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
73,801 |
|
|
$ |
63,580 |
|
|
|
5.6 |
% |
||
9
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consumer Goods: Non-Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fineline Technologies, Inc. (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
939 |
|
|
|
939 |
|
|
|
902 |
|
|
|
|
||
FL Hawk Intermediate Holdings, Inc. (15)(19) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
9.00% |
|
|
14.50 |
% |
|
8/22/2028 |
|
$ |
|
15,125 |
|
|
|
14,783 |
|
|
|
15,125 |
|
|
|
|
|
RoC Opco LLC (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.60% |
|
|
12.84 |
% |
|
2/25/2025 |
|
$ |
|
14,964 |
|
|
|
14,847 |
|
|
|
14,964 |
|
|
|
|
|
RoC Opco LLC (3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
2/25/2025 |
|
$ |
|
— |
|
|
|
(60 |
) |
|
|
— |
|
|
|
|
||
Solaray, LLC (3)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
6.25% |
|
|
11.59 |
% |
|
9/9/2023 |
|
$ |
|
14,053 |
|
|
|
14,053 |
|
|
|
13,807 |
|
|
|
|
|
Solaray, LLC (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.25% |
|
|
11.61 |
% |
|
9/9/2023 |
|
$ |
|
30,517 |
|
|
|
30,517 |
|
|
|
29,983 |
|
|
|
|
|
Solaray, LLC (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
4.50% |
|
|
9.84 |
% |
|
9/9/2023 |
|
$ |
|
7,367 |
|
|
|
7,364 |
|
|
|
7,367 |
|
|
|
|
|
WU Holdco, Inc. (15)(19)(28) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
5.50% |
|
|
10.89 |
% |
|
3/26/2026 |
|
$ |
|
1,687 |
|
|
|
1,664 |
|
|
|
1,603 |
|
|
|
|
|
WU Holdco, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.50% |
|
|
10.89 |
% |
|
3/26/2026 |
|
$ |
|
37,482 |
|
|
|
37,136 |
|
|
|
35,608 |
|
|
|
|
|
WU Holdco, Inc. (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
5.50% |
|
|
10.89 |
% |
|
3/26/2025 |
|
$ |
|
3,268 |
|
|
|
3,250 |
|
|
|
2,986 |
|
|
|
|
|
Consumer Goods: Non-Durable Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
124,493 |
|
|
$ |
122,345 |
|
|
|
10.9 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consumer Goods: Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
WSP (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.25% |
|
|
11.45 |
% |
|
4/27/2027 |
|
$ |
|
5,527 |
|
|
|
5,447 |
|
|
|
4,864 |
|
|
|
|
|
WSP (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
2,898 |
|
|
|
2,898 |
|
|
|
452 |
|
|
|
|
||
WSP (2)(3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
4/27/2027 |
|
$ |
|
— |
|
|
|
(6 |
) |
|
|
(54 |
) |
|
|
|
||
WSP (14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
— |
|
|
|
216 |
|
|
|
758 |
|
|
|
|
||
Consumer Goods: Wholesale Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,555 |
|
|
$ |
6,020 |
|
|
|
0.5 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Containers, Packaging & Glass |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
ASP-r-pac Acquisition Co LLC (16)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
6.00% |
|
|
11.31 |
% |
|
12/29/2027 |
|
$ |
|
4,063 |
|
|
|
3,998 |
|
|
|
3,961 |
|
|
|
|
|
ASP-r-pac Acquisition Co LLC (2)(3)(5)(16)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
12/29/2027 |
|
$ |
|
— |
|
|
|
(49 |
) |
|
|
(81 |
) |
|
|
|
||
Iris Holding, Inc. (17)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
4.75% |
|
|
9.90 |
% |
|
6/28/2028 |
|
$ |
|
12,952 |
|
|
|
12,363 |
|
|
|
11,030 |
|
|
|
|
|
Containers, Packaging & Glass Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,312 |
|
|
$ |
14,910 |
|
|
|
1.3 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Energy: Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
AmSpec Group, Inc (18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.75% |
|
|
10.87 |
% |
|
7/2/2024 |
|
$ |
|
5,076 |
|
|
|
4,994 |
|
|
|
5,076 |
|
|
|
|
|
Amspec Services, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
5.75% |
|
|
10.96 |
% |
|
7/2/2024 |
|
$ |
|
2,755 |
|
|
|
2,744 |
|
|
|
2,755 |
|
|
|
|
|
Amspec Services, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
5.75% |
|
|
10.96 |
% |
|
7/2/2024 |
|
$ |
|
22,870 |
|
|
|
22,811 |
|
|
|
22,870 |
|
|
|
|
|
Amspec Services, Inc. (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
P |
|
3.75% |
|
|
12.00 |
% |
|
7/2/2024 |
|
$ |
|
2,911 |
|
|
|
2,899 |
|
|
|
2,911 |
|
|
|
|
|
Energy: Oil & Gas Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
33,448 |
|
|
$ |
33,612 |
|
|
|
3.0 |
% |
||
10
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Environmental Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconomy (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
6.25% |
|
|
11.18 |
% |
|
6/24/2029 |
|
£ |
|
68 |
|
|
|
82 |
|
|
|
86 |
|
|
|
|
|
Reconomy (6)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
EURIBOR |
|
6.00% |
|
|
9.60 |
% |
|
6/24/2029 |
|
£ |
|
7,187 |
|
|
|
7,947 |
|
|
|
8,213 |
|
|
|
|
|
Reconomy (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
6.00% |
|
|
9.60 |
% |
|
6/24/2029 |
|
€ |
|
27 |
|
|
|
28 |
|
|
|
29 |
|
|
|
|
|
Reconomy (3)(5)(6)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
— |
|
— |
|
— |
|
|
6/24/2029 |
|
£ |
|
— |
|
|
|
(69 |
) |
|
|
— |
|
|
|
|
||
Titan Cloud Software, Inc (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
3,226 |
|
|
|
3,226 |
|
|
|
3,926 |
|
|
|
|
||
Titan Cloud Software, Inc (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.00% |
|
|
11.13 |
% |
|
9/7/2029 |
|
$ |
|
25,714 |
|
|
|
25,482 |
|
|
|
25,521 |
|
|
|
|
|
Titan Cloud Software, Inc (3)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
6.00% |
|
|
11.35 |
% |
|
9/7/2029 |
|
$ |
|
857 |
|
|
|
758 |
|
|
|
771 |
|
|
|
|
|
Titan Cloud Software, Inc (2)(3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
9/7/2028 |
|
$ |
|
— |
|
|
|
(49 |
) |
|
|
(43 |
) |
|
|
|
||
Environmental Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
37,405 |
|
|
$ |
38,503 |
|
|
|
3.4 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FIRE: Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Allworth Financial Group, L.P. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.00% |
|
|
10.20 |
% |
|
12/23/2026 |
|
$ |
|
1,497 |
|
|
|
1,484 |
|
|
|
1,467 |
|
|
|
|
|
Allworth Financial Group, L.P. (15)(19)(29) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
5.00% |
|
|
10.20 |
% |
|
12/23/2026 |
|
$ |
|
870 |
|
|
|
858 |
|
|
|
852 |
|
|
|
|
|
Allworth Financial Group, L.P. (2)(3)(5)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
12/23/2026 |
|
$ |
|
— |
|
|
|
(11 |
) |
|
|
(49 |
) |
|
|
|
||
Congress Buyer DD T/L (3)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
— |
|
— |
|
— |
|
|
6/30/2029 |
|
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Congress Buyer R/C (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
6/30/2029 |
|
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Congress Buyer T/L A (18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.85% |
|
|
12.09 |
% |
|
6/30/2029 |
|
$ |
|
4,743 |
|
|
|
4,743 |
|
|
|
4,743 |
|
|
|
|
|
Congress Wealth (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
15 |
|
|
|
294 |
|
|
|
294 |
|
|
|
|
||
FNZ UK Finco Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
5.50% |
|
|
9.37 |
% |
|
9/30/2026 |
|
AUD |
|
81 |
|
|
|
55 |
|
|
|
54 |
|
|
|
|
|
Insigneo Financial Group LLC (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.25% |
|
|
11.08 |
% |
|
8/1/2028 |
|
$ |
|
3,825 |
|
|
|
3,740 |
|
|
|
3,749 |
|
|
|
|
|
Insigneo Financial Group LLC (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
2,252 |
|
|
|
2,263 |
|
|
|
2,142 |
|
|
|
|
||
Parmenion (6)(15)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
5.75% |
|
|
10.68 |
% |
|
5/11/2029 |
|
£ |
|
328 |
|
|
|
409 |
|
|
|
417 |
|
|
|
|
|
TA/Weg Holdings (15)(19)(29) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
6.25% |
|
|
11.63 |
% |
|
10/2/2025 |
|
$ |
|
2,361 |
|
|
|
2,354 |
|
|
|
2,343 |
|
|
|
|
|
TA/Weg Holdings (15)(19)(29) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
6.25% |
|
|
11.63 |
% |
|
10/2/2025 |
|
$ |
|
9,352 |
|
|
|
9,352 |
|
|
|
9,281 |
|
|
|
|
|
FIRE: Finance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
25,541 |
|
|
$ |
25,293 |
|
|
|
2.2 |
% |
||
11
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FIRE: Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Margaux Acquisition Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.75% |
|
|
11.15 |
% |
|
12/19/2024 |
|
$ |
|
16,584 |
|
|
|
16,480 |
|
|
|
16,584 |
|
|
|
|
|
Margaux Acquisition Inc. (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
5.75% |
|
|
11.02 |
% |
|
12/19/2025 |
|
$ |
|
2,138 |
|
|
|
2,124 |
|
|
|
2,138 |
|
|
|
|
|
Margaux UK Finance Limited (3)(6)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SONIA |
|
5.75% |
|
|
10.80 |
% |
|
12/19/2024 |
|
£ |
|
422 |
|
|
|
515 |
|
|
|
536 |
|
|
|
|
|
Margaux UK Finance Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
5.75% |
|
|
10.80 |
% |
|
12/19/2024 |
|
£ |
|
7,434 |
|
|
|
9,636 |
|
|
|
9,444 |
|
|
|
|
|
MRHT (6)(15)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
6.75% |
|
|
10.03 |
% |
|
2/1/2029 |
|
€ |
|
956 |
|
|
|
1,025 |
|
|
|
1,033 |
|
|
|
|
|
MRHT (2)(3)(5)(6)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
— |
|
— |
|
— |
|
|
2/1/2029 |
|
€ |
|
— |
|
|
|
(25 |
) |
|
|
(55 |
) |
|
|
|
||
Paisley Bidco Limited (6)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SONIA |
|
5.25% |
|
|
9.54 |
% |
|
11/26/2028 |
|
£ |
|
6,373 |
|
|
|
7,561 |
|
|
|
8,152 |
|
|
|
|
|
Paisley Bidco Limited (6)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
EURIBOR |
|
5.00% |
|
|
8.24 |
% |
|
11/26/2028 |
|
€ |
|
32 |
|
|
|
36 |
|
|
|
35 |
|
|
|
|
|
Simplicity (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.25% |
|
|
11.64 |
% |
|
12/2/2026 |
|
$ |
|
16,683 |
|
|
|
16,220 |
|
|
|
16,183 |
|
|
|
|
|
Simplicity (2)(3)(5)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
— |
|
— |
|
— |
|
|
12/2/2026 |
|
$ |
|
— |
|
|
|
(154 |
) |
|
|
(164 |
) |
|
|
|
||
Simplicity (2)(3)(5)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
12/2/2026 |
|
$ |
|
— |
|
|
|
(41 |
) |
|
|
(44 |
) |
|
|
|
||
World Insurance (15)(19)(29) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
5.75% |
|
|
10.99 |
% |
|
4/1/2026 |
|
$ |
|
8,233 |
|
|
|
8,186 |
|
|
|
8,150 |
|
|
|
|
|
World Insurance (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.75% |
|
|
11.09 |
% |
|
4/1/2026 |
|
$ |
|
3,098 |
|
|
|
3,061 |
|
|
|
3,067 |
|
|
|
|
|
World Insurance (2)(3)(5)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
4/1/2026 |
|
$ |
|
— |
|
|
|
(10 |
) |
|
|
(9 |
) |
|
|
|
||
FIRE: Insurance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
64,614 |
|
|
$ |
65,050 |
|
|
|
5.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Apollo Intelligence (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.75% |
|
|
10.91 |
% |
|
6/1/2028 |
|
$ |
|
15,309 |
|
|
|
15,182 |
|
|
|
15,309 |
|
|
|
|
|
Apollo Intelligence (3)(5)(16)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
— |
|
— |
|
— |
|
|
6/1/2028 |
|
$ |
|
— |
|
|
|
(79 |
) |
|
|
— |
|
|
|
|
||
Apollo Intelligence (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
5.75% |
|
|
10.91 |
% |
|
6/1/2028 |
|
$ |
|
1,201 |
|
|
|
1,142 |
|
|
|
1,201 |
|
|
|
|
|
Apollo Intelligence (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
32 |
|
|
|
3,162 |
|
|
|
3,183 |
|
|
|
|
||
CB Titan Holdings, Inc. (14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1,953 |
|
|
|
1,953 |
|
|
|
1,036 |
|
|
|
|
||
CB Titan Holdings, Inc. (15)(19) |
|
Second Lien Senior Secured Loan |
|
— |
|
— |
|
— |
|
|
11/1/2024 |
|
$ |
|
— |
|
|
|
186 |
|
|
|
— |
|
|
|
|
||
CPS Group Holdings, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.25% |
|
|
10.64 |
% |
|
3/3/2025 |
|
$ |
|
34,504 |
|
|
|
34,391 |
|
|
|
34,504 |
|
|
|
|
|
CPS Group Holdings, Inc. (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
5.25% |
|
|
10.46 |
% |
|
3/3/2025 |
|
$ |
|
1,776 |
|
|
|
1,756 |
|
|
|
1,776 |
|
|
|
|
|
Datix Bidco Limited (3)(6)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SONIA |
|
4.50% |
|
|
8.68 |
% |
|
10/28/2024 |
|
£ |
|
8 |
|
|
|
10 |
|
|
|
10 |
|
|
|
|
|
Datix Bidco Limited (6)(18)(19) |
|
Second Lien Senior Secured Loan |
|
SONIA |
|
7.75% |
|
|
11.93 |
% |
|
4/27/2026 |
|
£ |
|
121 |
|
|
|
164 |
|
|
|
154 |
|
|
|
|
|
Datix Bidco Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
BBSW |
|
4.50% |
|
|
8.41 |
% |
|
4/28/2025 |
|
AUD |
|
42 |
|
|
|
32 |
|
|
|
28 |
|
|
|
|
|
Great Expressions Dental Center PC (15)(19) |
|
First Lien Senior Secured Loan |
|
P |
|
4.75% |
|
|
11.75 |
% |
|
9/28/2023 |
|
$ |
|
8,114 |
|
|
|
8,166 |
|
|
|
6,572 |
|
|
|
|
|
Great Expressions Dental Center PC (15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
P |
|
7.50% |
|
|
13.25 |
% |
|
9/28/2023 |
|
$ |
|
1,266 |
|
|
|
1,265 |
|
|
|
1,025 |
|
|
|
|
|
Mertus 522. GmbH (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
6.25% |
|
|
10.03 |
% |
|
5/28/2026 |
|
€ |
|
131 |
|
|
|
143 |
|
|
|
139 |
|
|
|
|
|
Mertus 522. GmbH (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
6.25% |
|
|
10.03 |
% |
|
5/28/2026 |
|
€ |
|
225 |
|
|
|
248 |
|
|
|
238 |
|
|
|
|
|
Premier Imaging, LLC (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.00% |
|
|
11.22 |
% |
|
1/2/2025 |
|
$ |
|
7,105 |
|
|
|
7,048 |
|
|
|
7,105 |
|
|
|
|
|
Premier Imaging, LLC (3)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
6.00% |
|
|
11.22 |
% |
|
1/2/2025 |
|
$ |
|
1,926 |
|
|
|
1,874 |
|
|
|
1,926 |
|
|
|
|
|
SunMed Group Holdings, LLC (16)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.75% |
|
|
11.09 |
% |
|
6/16/2028 |
|
$ |
|
8,650 |
|
|
|
8,535 |
|
|
|
8,347 |
|
|
|
|
|
Sunmed Group Holdings, LLC (2)(3)(5)(16)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
6/16/2027 |
|
$ |
|
— |
|
|
|
(14 |
) |
|
|
(43 |
) |
|
|
|
||
Healthcare & Pharmaceuticals Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
85,164 |
|
|
$ |
82,510 |
|
|
|
7.3 |
% |
||
12
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Access (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
5.25% |
|
|
9.68 |
% |
|
6/4/2029 |
|
£ |
|
80 |
|
|
|
98 |
|
|
|
102 |
|
|
|
Access (3)(6)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SONIA |
|
5.25% |
|
|
9.68 |
% |
|
6/4/2029 |
|
£ |
|
8,577 |
|
|
|
9,818 |
|
|
|
10,896 |
|
|
|
AMI US Holdings Inc. (6)(15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.25% |
|
|
10.50 |
% |
|
4/1/2025 |
|
$ |
|
3,836 |
|
|
|
3,811 |
|
|
|
3,836 |
|
|
|
Applitools (6)(19)(32) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.25% |
|
|
11.35 |
% |
|
5/25/2029 |
|
$ |
|
16,381 |
|
|
|
16,253 |
|
|
|
15,971 |
|
|
|
Applitools (2)(3)(5)(16)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
5/25/2028 |
|
$ |
|
— |
|
|
|
(28 |
) |
|
|
(86 |
) |
|
|
|
Appriss Holdings, Inc. (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
2,136 |
|
|
|
1,606 |
|
|
|
1,546 |
|
|
|
|
Appriss Holdings, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
6.75% |
|
|
11.90 |
% |
|
5/6/2027 |
|
$ |
|
11,236 |
|
|
|
11,077 |
|
|
|
11,039 |
|
|
|
Appriss Holdings, Inc. (2)(3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
5/6/2027 |
|
$ |
|
— |
|
|
|
(10 |
) |
|
|
(13 |
) |
|
|
|
AQ Software Corporation (14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1 |
|
|
|
1,107 |
|
|
|
1,129 |
|
|
|
|
AQ Software Corporation (14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
2 |
|
|
|
1,844 |
|
|
|
1,881 |
|
|
|
|
AQ Software Corporation (14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1 |
|
|
|
507 |
|
|
|
517 |
|
|
|
|
CB Nike IntermediateCo Ltd (3)(6)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
10/31/2025 |
|
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
CB Nike IntermediateCo Ltd (6)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
4.75% |
|
|
10.02 |
% |
|
10/31/2025 |
|
$ |
|
120 |
|
|
|
119 |
|
|
|
120 |
|
|
|
Cloud Technology Solutions (CTS) (6)(14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
4,408 |
|
|
|
5,360 |
|
|
|
5,674 |
|
|
|
|
Cloud Technology Solutions (CTS) (6)(18)(19)(26) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
4.00% (3.50% PIK) |
|
|
12.43 |
% |
|
1/3/2030 |
|
£ |
|
8,112 |
|
|
|
9,825 |
|
|
|
10,304 |
|
|
|
Drilling Info Holdings, Inc (18) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
4.25% |
|
|
9.50 |
% |
|
7/30/2025 |
|
$ |
|
1,493 |
|
|
|
1,491 |
|
|
|
1,428 |
|
|
|
Eagle Rock Capital Corporation (14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
3,345 |
|
|
|
3,345 |
|
|
|
3,989 |
|
|
|
|
Element Buyer, Inc. (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
5.50% |
|
|
10.70 |
% |
|
7/19/2025 |
|
$ |
|
10,908 |
|
|
|
10,920 |
|
|
|
10,908 |
|
|
|
Element Buyer, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.50% |
|
|
10.70 |
% |
|
7/19/2025 |
|
$ |
|
36,434 |
|
|
|
36,557 |
|
|
|
36,434 |
|
|
|
Element Buyer, Inc. (3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
7/19/2024 |
|
$ |
|
— |
|
|
|
(11 |
) |
|
|
— |
|
|
|
|
Eleven Software (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
8.25% |
|
|
13.49 |
% |
|
4/25/2027 |
|
$ |
|
7,439 |
|
|
|
7,380 |
|
|
|
7,439 |
|
|
|
Eleven Software (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
8.10% |
|
|
13.26 |
% |
|
9/25/2026 |
|
$ |
|
1,091 |
|
|
|
1,080 |
|
|
|
1,091 |
|
|
|
Eleven Software (14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
896 |
|
|
|
896 |
|
|
|
863 |
|
|
|
|
Gluware (19)(26) |
|
First Lien Senior Secured Loan |
|
— |
|
9.00% (5.50% PIK) |
|
|
14.50 |
% |
|
10/15/2025 |
|
$ |
|
25,466 |
|
|
|
24,819 |
|
|
|
24,409 |
|
|
|
Gluware (14)(19)(25) |
|
Warrants |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
4,307 |
|
|
|
478 |
|
|
|
457 |
|
|
|
|
MRI Software LLC (15)(28) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.50% |
|
|
10.84 |
% |
|
2/10/2026 |
|
$ |
|
25,530 |
|
|
|
25,488 |
|
|
|
24,828 |
|
|
|
MRI Software LLC (2)(3)(15) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
2/10/2026 |
|
$ |
|
— |
|
|
|
55 |
|
|
|
(49 |
) |
|
|
|
NearMap (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.25% |
|
|
12.45 |
% |
|
12/9/2029 |
|
$ |
|
17,848 |
|
|
|
17,516 |
|
|
|
17,670 |
|
|
|
NearMap (2)(3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
12/9/2029 |
|
$ |
|
— |
|
|
|
(85 |
) |
|
|
(47 |
) |
|
|
|
Onventis (6)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
EURIBOR |
|
7.50% |
|
|
10.76 |
% |
|
1/12/2030 |
|
€ |
|
8,919 |
|
|
|
9,588 |
|
|
|
9,729 |
|
|
|
Revalize, Inc. (14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1 |
|
|
|
1,431 |
|
|
|
1,475 |
|
|
|
|
13
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
High Tech Industries, Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revalize, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
5.75% |
|
|
10.95 |
% |
|
4/15/2027 |
|
$ |
|
5,331 |
|
|
|
5,292 |
|
|
|
5,118 |
|
|
|
|
|
Revalize, Inc. (18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
5.75% |
|
|
10.95 |
% |
|
4/15/2027 |
|
$ |
|
2,009 |
|
|
|
1,995 |
|
|
|
1,929 |
|
|
|
|
|
Revalize, Inc. (2)(3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
4/15/2027 |
|
$ |
|
— |
|
|
|
(10 |
) |
|
|
(54 |
) |
|
|
|
||
SAM (19)(26) |
|
First Lien Senior Secured Loan |
|
— |
|
11.25% PIK |
|
|
11.25 |
% |
|
5/9/2028 |
|
$ |
|
36,195 |
|
|
|
35,948 |
|
|
|
34,747 |
|
|
|
|
|
Superna Inc. (2)(3)(5)(6)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
— |
|
— |
|
— |
|
|
3/6/2028 |
|
$ |
|
— |
|
|
|
(21 |
) |
|
|
(86 |
) |
|
|
|
||
Superna Inc. (2)(3)(5)(6)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
3/6/2028 |
|
$ |
|
— |
|
|
|
(21 |
) |
|
|
(86 |
) |
|
|
|
||
Superna Inc. (6)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.50% |
|
|
11.74 |
% |
|
3/6/2028 |
|
$ |
|
2,748 |
|
|
|
2,702 |
|
|
|
2,659 |
|
|
|
|
|
Superna Inc. (6)(14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1,463 |
|
|
|
1,463 |
|
|
|
1,213 |
|
|
|
|
||
Swoogo LLC (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
8.00% |
|
|
13.19 |
% |
|
12/9/2026 |
|
$ |
|
2,330 |
|
|
|
2,296 |
|
|
|
2,318 |
|
|
|
|
|
Swoogo LLC (2)(3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
12/9/2026 |
|
$ |
|
— |
|
|
|
(17 |
) |
|
|
(6 |
) |
|
|
|
||
Utimaco (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
6.25% |
|
|
9.71 |
% |
|
5/13/2029 |
|
€ |
|
92 |
|
|
|
98 |
|
|
|
99 |
|
|
|
|
|
Utimaco (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.25% |
|
|
11.56 |
% |
|
5/13/2029 |
|
$ |
|
128 |
|
|
|
127 |
|
|
|
125 |
|
|
|
|
|
Utimaco (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.25% |
|
|
11.56 |
% |
|
5/13/2029 |
|
$ |
|
262 |
|
|
|
260 |
|
|
|
257 |
|
|
|
|
|
Utimaco (6)(14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1 |
|
|
|
2,123 |
|
|
|
2,120 |
|
|
|
|
||
Utimaco (6)(14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1 |
|
|
|
2,123 |
|
|
|
2,120 |
|
|
|
|
||
Ventiv Holdco, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.50% |
|
|
10.84 |
% |
|
9/3/2025 |
|
$ |
|
13,866 |
|
|
|
13,781 |
|
|
|
13,658 |
|
|
|
|
|
Ventiv Holdco, Inc. (2)(3)(5)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
9/3/2025 |
|
$ |
|
— |
|
|
|
(20 |
) |
|
|
(25 |
) |
|
|
|
||
Ventiv Topco, Inc. (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
28 |
|
|
|
2,833 |
|
|
|
1,978 |
|
|
|
|
||
VPARK BIDCO AB (6)(16)(19) |
|
First Lien Senior Secured Loan |
|
CIBOR |
|
4.00% |
|
|
7.42 |
% |
|
3/10/2025 |
|
DKK |
|
570 |
|
|
|
93 |
|
|
|
84 |
|
|
|
|
|
VPARK BIDCO AB (6)(16)(19) |
|
First Lien Senior Secured Loan |
|
NIBOR |
|
4.00% |
|
|
8.06 |
% |
|
3/10/2025 |
|
NOK |
|
740 |
|
|
|
93 |
|
|
|
69 |
|
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
273,473 |
|
|
$ |
271,777 |
|
|
|
24.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Hotel, Gaming & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Aimbridge Acquisition Co., Inc. (18)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
7.50% |
|
|
12.67 |
% |
|
2/1/2027 |
|
$ |
|
14,193 |
|
|
|
13,950 |
|
|
|
13,484 |
|
|
|
|
|
Concert Golf Partners Holdco (16)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.50% |
|
|
10.93 |
% |
|
3/30/2029 |
|
$ |
|
6,795 |
|
|
|
6,677 |
|
|
|
6,795 |
|
|
|
|
|
Concert Golf Partners Holdco LLC (3)(16)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
5.50% |
|
|
10.63 |
% |
|
4/2/2029 |
|
$ |
|
2,297 |
|
|
|
2,223 |
|
|
|
2,297 |
|
|
|
|
|
Concert Golf Partners Holdco LLC (3)(5)(16)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
3/31/2028 |
|
$ |
|
— |
|
|
|
(39 |
) |
|
|
— |
|
|
|
|
||
Pyramid Global Hospitality (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
8.00% |
|
|
13.08 |
% |
|
1/19/2027 |
|
$ |
|
9,975 |
|
|
|
9,708 |
|
|
|
9,776 |
|
|
|
|
|
Pyramid Global Hospitality (2)(3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
1/19/2027 |
|
$ |
|
— |
|
|
|
(93 |
) |
|
|
(70 |
) |
|
|
|
||
Saltoun (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
— |
|
11.00% |
|
|
11.00 |
% |
|
4/11/2028 |
|
$ |
|
4,715 |
|
|
|
4,715 |
|
|
|
4,244 |
|
|
|
|
|
Saltoun (19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
— |
|
11.00% |
|
|
11.00 |
% |
|
4/11/2028 |
|
$ |
|
1,346 |
|
|
|
1,346 |
|
|
|
1,211 |
|
|
|
|
|
Hotel, Gaming & Leisure Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
38,487 |
|
|
$ |
37,737 |
|
|
|
3.4 |
% |
||
14
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Media: Advertising, Printing & Publishing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Ansira Holdings, Inc. (7)(14)(19) |
|
First Lien Senior Secured Loan |
|
— |
|
— |
|
— |
|
|
12/20/2024 |
|
$ |
|
44,754 |
|
|
|
40,589 |
|
|
|
— |
|
|
|
|
||
Ansira Holdings, Inc. (7)(14)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
— |
|
— |
|
— |
|
|
12/20/2024 |
|
$ |
|
5,123 |
|
|
|
4,992 |
|
|
|
— |
|
|
|
|
||
Ansira Holdings, Inc. (7)(14)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
12/20/2024 |
|
$ |
|
5,383 |
|
|
|
5,125 |
|
|
|
— |
|
|
|
|
||
Ansira Holdings, Inc. (14)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
— |
|
— |
|
— |
|
|
12/20/2024 |
|
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Kpler (6)(15)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
6.50% |
|
|
9.71 |
% |
|
3/3/2030 |
|
€ |
|
15,081 |
|
|
|
15,655 |
|
|
|
16,287 |
|
|
|
|
|
Kpler (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
6.50% |
|
|
9.71 |
% |
|
3/3/2030 |
|
€ |
|
3,346 |
|
|
|
3,542 |
|
|
|
3,614 |
|
|
|
|
|
Kpler (6)(15)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
6.50% |
|
|
11.43 |
% |
|
3/3/2030 |
|
£ |
|
4,412 |
|
|
|
5,263 |
|
|
|
5,549 |
|
|
|
|
|
TGI Sport Bidco Pty Ltd (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.11% |
|
|
12.20 |
% |
|
4/30/2026 |
|
AUD |
|
4,187 |
|
|
|
2,866 |
|
|
|
2,866 |
|
|
|
|
|
TGI Sport Bidco Pty Ltd (6)(17)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.00% |
|
|
11.19 |
% |
|
4/30/2026 |
|
AUD |
|
98 |
|
|
|
76 |
|
|
|
65 |
|
|
|
|
|
Media: Advertising, Printing & Publishing Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
78,108 |
|
|
$ |
28,381 |
|
|
|
2.5 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Media: Broadcasting & Subscription |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lightning Finco Limited (6)(16)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
5.75% |
|
|
11.23 |
% |
|
8/31/2028 |
|
$ |
|
1,443 |
|
|
|
1,432 |
|
|
|
1,443 |
|
|
|
|
|
Lightning Finco Limited (6)(16)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
5.75% |
|
|
9.23 |
% |
|
8/31/2028 |
|
€ |
|
1,300 |
|
|
|
1,421 |
|
|
|
1,418 |
|
|
|
|
|
Media: Broadcasting & Subscription Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,853 |
|
|
$ |
2,861 |
|
|
|
0.3 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Media: Diversified & Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
9 Story Media Group Inc. (3)(5)(6)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
4/30/2026 |
|
CAD |
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
|
||
9 Story Media Group Inc. (6)(16)(19) |
|
First Lien Senior Secured Loan |
|
CDOR |
|
5.25% |
|
|
10.32 |
% |
|
4/30/2026 |
|
CAD |
|
1,285 |
|
|
|
997 |
|
|
|
970 |
|
|
|
|
|
9 Story Media Group Inc. (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
5.25% |
|
|
8.73 |
% |
|
4/30/2026 |
|
€ |
|
582 |
|
|
|
616 |
|
|
|
634 |
|
|
|
|
|
Aptus 1724 Gmbh (6)(19)(21) |
|
First Lien Senior Secured Loan |
|
L |
|
6.25% |
|
|
11.76 |
% |
|
2/23/2028 |
|
$ |
|
4,971 |
|
|
|
4,971 |
|
|
|
4,884 |
|
|
|
|
|
Efficient Collaborative Retail Marketing Company, LLC (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.50% |
|
|
13.00 |
% |
|
6/30/2024 |
|
$ |
|
14,967 |
|
|
|
14,967 |
|
|
|
12,123 |
|
|
|
|
|
Efficient Collaborative Retail Marketing Company, LLC (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.50% |
|
|
13.00 |
% |
|
6/30/2024 |
|
$ |
|
9,720 |
|
|
|
9,736 |
|
|
|
7,873 |
|
|
|
|
|
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
6.50% |
|
|
11.98 |
% |
|
6/30/2024 |
|
$ |
|
1,275 |
|
|
|
1,275 |
|
|
|
1,275 |
|
|
|
|
|
Music Creation Group Bidco GmbH (6)(19)(21) |
|
First Lien Senior Secured Loan |
|
L |
|
6.25% |
|
|
11.76 |
% |
|
2/23/2028 |
|
$ |
|
4,065 |
|
|
|
3,984 |
|
|
|
3,994 |
|
|
|
|
|
Media: Diversified & Production Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
36,545 |
|
|
$ |
31,753 |
|
|
|
2.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Media: Publishing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
OGH Bidco Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
6.25% |
|
|
11.18 |
% |
|
6/29/2029 |
|
£ |
|
139 |
|
|
|
164 |
|
|
|
175 |
|
|
|
|
|
OGH Bidco Limited (3)(6)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SONIA |
|
6.25% |
|
|
11.18 |
% |
|
6/29/2029 |
|
£ |
|
1,231 |
|
|
|
1,413 |
|
|
|
1,486 |
|
|
|
|
|
Media: Publishing Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,577 |
|
|
$ |
1,661 |
|
|
|
0.2 |
% |
||
15
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
New Look (Delaware) Corporation (3)(6)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
5.50% |
|
|
10.89 |
% |
|
5/26/2028 |
|
$ |
|
383 |
|
|
|
375 |
|
|
|
291 |
|
|
|
|
|
New Look Vision Group (6)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
CDOR |
|
5.50% |
|
|
10.88 |
% |
|
5/26/2028 |
|
CAD |
|
55 |
|
|
|
44 |
|
|
|
40 |
|
|
|
|
|
New Look Vision Group (6)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
CDOR |
|
5.50% |
|
|
10.88 |
% |
|
5/26/2028 |
|
CAD |
|
29 |
|
|
|
22 |
|
|
|
21 |
|
|
|
|
|
New Look Vision Group (3)(6)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
5.50% |
|
|
10.89 |
% |
|
5/26/2026 |
|
CAD |
|
2,180 |
|
|
|
1,625 |
|
|
|
1,572 |
|
|
|
|
|
Thrasio, LLC (15)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.00% |
|
|
12.50 |
% |
|
12/18/2026 |
|
$ |
|
8,441 |
|
|
|
8,285 |
|
|
|
6,584 |
|
|
|
|
|
Retail Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,351 |
|
|
$ |
8,508 |
|
|
|
0.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Services: Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
ACAMS (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
3,337 |
|
|
|
3,337 |
|
|
|
3,090 |
|
|
|
|
||
AMCP Clean Acquisition Company, LLC (18) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
4.40% |
|
|
9.66 |
% |
|
7/10/2025 |
|
$ |
|
6,196 |
|
|
|
6,118 |
|
|
|
5,576 |
|
|
|
|
|
AMCP Clean Acquisition Company, LLC (18) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
4.40% |
|
|
9.66 |
% |
|
7/10/2025 |
|
$ |
|
3,913 |
|
|
|
3,891 |
|
|
|
3,522 |
|
|
|
|
|
Avalon Acquiror, Inc. (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.25% |
|
|
11.49 |
% |
|
3/10/2028 |
|
$ |
|
14,500 |
|
|
|
14,381 |
|
|
|
14,137 |
|
|
|
|
|
Avalon Acquiror, Inc. (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
6.25% |
|
|
11.49 |
% |
|
3/10/2028 |
|
$ |
|
3,361 |
|
|
|
3,213 |
|
|
|
3,151 |
|
|
|
|
|
Brook Bidco (6)(18)(19)(26) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
6.87% (0.50% PIK) |
|
|
11.05 |
% |
|
7/7/2028 |
|
£ |
|
748 |
|
|
|
1,015 |
|
|
|
950 |
|
|
|
|
|
Brook Bidco (6)(14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
5,675 |
|
|
|
7,783 |
|
|
|
8,207 |
|
|
|
|
||
Caribou Bidco Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
6.00% |
|
|
9.43 |
% |
|
1/29/2029 |
|
£ |
|
8,070 |
|
|
|
10,810 |
|
|
|
10,251 |
|
|
|
|
|
Caribou Bidco Limited (3)(6)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SONIA |
|
6.00% |
|
|
9.43 |
% |
|
1/29/2029 |
|
£ |
|
16 |
|
|
|
20 |
|
|
|
20 |
|
|
|
|
|
Chamber Bidco Limited (6)(17)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
5.50% |
|
|
10.71 |
% |
|
6/7/2028 |
|
$ |
|
237 |
|
|
|
235 |
|
|
|
237 |
|
|
|
|
|
Darcy Partners (19)(32) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.75% |
|
|
13.07 |
% |
|
6/1/2028 |
|
$ |
|
1,519 |
|
|
|
1,504 |
|
|
|
1,503 |
|
|
|
|
|
Darcy Partners (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
359 |
|
|
|
360 |
|
|
|
351 |
|
|
|
|
||
Darcy Partners (2)(3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
6/1/2028 |
|
$ |
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
|
||
Elevator Holdco Inc. (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
2 |
|
|
|
2,448 |
|
|
|
3,502 |
|
|
|
|
||
iBanFirst (6)(19)(26)(32) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
10.00% PIK |
|
|
13.59 |
% |
|
7/13/2028 |
|
€ |
|
2,988 |
|
|
|
3,074 |
|
|
|
3,260 |
|
|
|
|
|
iBanFirst (6)(19)(26) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
10.00% PIK |
|
|
13.59 |
% |
|
7/13/2028 |
|
€ |
|
86 |
|
|
|
90 |
|
|
|
94 |
|
|
|
|
|
iBanFirst (6)(19)(26) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
10.00% PIK |
|
|
13.59 |
% |
|
7/13/2028 |
|
€ |
|
3,141 |
|
|
|
3,176 |
|
|
|
3,426 |
|
|
|
|
|
iBanFirst Facility (6)(14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
7,112 |
|
|
|
8,136 |
|
|
|
20,090 |
|
|
|
|
||
ImageTrend (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
7.75% |
|
|
12.80 |
% |
|
1/31/2029 |
|
$ |
|
20,000 |
|
|
|
19,725 |
|
|
|
19,700 |
|
|
|
|
|
ImageTrend (2)(3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
1/31/2029 |
|
$ |
|
— |
|
|
|
(56 |
) |
|
|
(60 |
) |
|
|
|
||
Learning Pool (6)(16)(19)(26) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.01% (0.50% PIK) |
|
|
12.31 |
% |
|
7/7/2028 |
|
£ |
|
298 |
|
|
|
383 |
|
|
|
378 |
|
|
|
|
|
Learning Pool (6)(16)(19)(26) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.01% (0.50% PIK) |
|
|
12.31 |
% |
|
7/7/2028 |
|
£ |
|
106 |
|
|
|
137 |
|
|
|
135 |
|
|
|
|
|
masLabor (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
345 |
|
|
|
345 |
|
|
|
1,214 |
|
|
|
|
||
16
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Services: Business, Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
masLabor (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
7.50% |
|
|
13.03 |
% |
|
7/1/2027 |
|
$ |
|
8,449 |
|
|
|
8,255 |
|
|
|
8,449 |
|
|
|
|
|
Opus2 (6)(14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
2,272 |
|
|
|
2,900 |
|
|
|
3,345 |
|
|
|
|
||
Opus2 (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
5.03% |
|
|
9.96 |
% |
|
5/5/2028 |
|
£ |
|
123 |
|
|
|
167 |
|
|
|
156 |
|
|
|
|
|
Parcel2Go (3)(6)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SONIA |
|
6.00% |
|
|
10.93 |
% |
|
7/15/2028 |
|
£ |
|
39 |
|
|
|
50 |
|
|
|
47 |
|
|
|
|
|
Parcel2Go (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
6.00% |
|
|
10.93 |
% |
|
7/15/2028 |
|
£ |
|
125 |
|
|
|
170 |
|
|
|
155 |
|
|
|
|
|
Parcel2Go (6)(14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
3,605 |
|
|
|
4,237 |
|
|
|
2,506 |
|
|
|
|
||
Refine Intermediate, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
4.50% |
|
|
9.74 |
% |
|
3/3/2027 |
|
$ |
|
1,037 |
|
|
|
1,022 |
|
|
|
1,037 |
|
|
|
|
|
Refine Intermediate, Inc. (3)(5)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
9/3/2026 |
|
$ |
|
— |
|
|
|
(65 |
) |
|
|
— |
|
|
|
|
||
Smartronix (2)(3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
11/23/2027 |
|
$ |
|
— |
|
|
|
(97 |
) |
|
|
(79 |
) |
|
|
|
||
Smartronix (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
6.00% |
|
|
11.21 |
% |
|
11/23/2028 |
|
$ |
|
12,572 |
|
|
|
12,379 |
|
|
|
12,415 |
|
|
|
|
|
Spring Finco BV (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
NIBOR |
|
6.00% |
|
|
9.99 |
% |
|
7/15/2029 |
|
NOK |
|
125,520 |
|
|
|
11,857 |
|
|
|
11,690 |
|
|
|
|
|
Spring Finco BV (3)(6)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
— |
|
— |
|
— |
|
|
7/15/2029 |
|
NOK |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
SumUp Holdings Luxembourg S.à.r.l. (6)(19)(32) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
8.50% |
|
|
11.97 |
% |
|
2/17/2026 |
|
€ |
|
6,805 |
|
|
|
8,138 |
|
|
|
7,424 |
|
|
|
|
|
TEI Holdings Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
5.25% |
|
|
10.64 |
% |
|
12/23/2026 |
|
$ |
|
25,935 |
|
|
|
25,865 |
|
|
|
25,935 |
|
|
|
|
|
TEI Holdings Inc. (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
5.25% |
|
|
10.45 |
% |
|
12/23/2025 |
|
$ |
|
302 |
|
|
|
261 |
|
|
|
302 |
|
|
|
|
|
WCI Gigawatt Purchaser (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
5.75% |
|
|
11.13 |
% |
|
11/19/2027 |
|
$ |
|
— |
|
|
|
32 |
|
|
|
— |
|
|
|
|
|
WCI Gigawatt Purchaser (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
5.75% |
|
|
10.90 |
% |
|
11/19/2027 |
|
$ |
|
1,287 |
|
|
|
1,234 |
|
|
|
1,223 |
|
|
|
|
|
WCI Gigawatt Purchaser (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
5.75% |
|
|
11.13 |
% |
|
11/19/2027 |
|
$ |
|
1,432 |
|
|
|
1,408 |
|
|
|
1,403 |
|
|
|
|
|
Services: Business Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
167,938 |
|
|
$ |
178,739 |
|
|
|
15.9 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Services: Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
MZR Aggregator (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1 |
|
|
|
798 |
|
|
|
662 |
|
|
|
|
||
MZR Buyer, LLC (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.75% |
|
|
11.93 |
% |
|
12/21/2026 |
|
$ |
|
11,964 |
|
|
|
11,815 |
|
|
|
11,665 |
|
|
|
|
|
MZR Buyer, LLC (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
6.75% |
|
|
12.09 |
% |
|
12/21/2026 |
|
$ |
|
1,737 |
|
|
|
1,676 |
|
|
|
1,606 |
|
|
|
|
|
Surrey Bidco Limited (5)(6)(7)(14)(17)(19)(26) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
6.28% (1.00% PIK) |
|
|
10.20 |
% |
|
5/11/2026 |
|
£ |
|
57 |
|
|
|
(1 |
) |
|
|
51 |
|
|
|
|
|
Zeppelin BidCo Pty Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
BBSY |
|
5.00% |
|
|
8.61 |
% |
|
6/28/2024 |
|
AUD |
|
206 |
|
|
|
143 |
|
|
|
137 |
|
|
|
|
|
Services: Consumer Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,431 |
|
|
$ |
14,121 |
|
|
|
1.3 |
% |
||
17
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Telecommunications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
DC Blox Inc. (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
124 |
|
|
|
1 |
|
|
|
— |
|
|
|
|
||
DC Blox Inc. (14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
3,822 |
|
|
|
3,851 |
|
|
|
4,793 |
|
|
|
|
||
DC Blox Inc. (15)(19)(26) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
4.00% (4.00% PIK) |
|
|
13.53 |
% |
|
3/22/2026 |
|
$ |
|
31,994 |
|
|
|
31,821 |
|
|
|
31,994 |
|
|
|
|
|
DC Blox Inc. (14)(19)(25) |
|
Warrants |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
177 |
|
|
|
2 |
|
|
|
— |
|
|
|
|
||
Meriplex Communications, Ltd. (16)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
4.75% |
|
|
9.93 |
% |
|
7/17/2028 |
|
$ |
|
12,185 |
|
|
|
11,972 |
|
|
|
12,185 |
|
|
|
|
|
Meriplex Communications, Ltd. (3)(16)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
4.75% |
|
|
9.93 |
% |
|
7/17/2028 |
|
$ |
|
5,182 |
|
|
|
5,060 |
|
|
|
5,182 |
|
|
|
|
|
Meriplex Communications, Ltd. (3)(5)(16)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
P |
|
4.00% |
|
|
12.00 |
% |
|
7/17/2028 |
|
$ |
|
— |
|
|
|
(47 |
) |
|
|
— |
|
|
|
|
|
Taoglas (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
2,259 |
|
|
|
2,259 |
|
|
|
2,259 |
|
|
|
|
||
Taoglas (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.00% |
|
|
12.24 |
% |
|
2/28/2029 |
|
$ |
|
18,903 |
|
|
|
18,717 |
|
|
|
18,714 |
|
|
|
|
|
Taoglas (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.00% |
|
|
12.24 |
% |
|
2/28/2029 |
|
$ |
|
455 |
|
|
|
442 |
|
|
|
451 |
|
|
|
|
|
Taoglas (2)(3)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
— |
|
— |
|
— |
|
|
2/28/2029 |
|
$ |
|
— |
|
|
|
— |
|
|
|
(36 |
) |
|
|
|
||
Taoglas (3)(6)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
7.00% |
|
|
12.27 |
% |
|
2/28/2029 |
|
$ |
|
477 |
|
|
|
477 |
|
|
|
463 |
|
|
|
|
|
Telecommunications Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
74,555 |
|
|
$ |
76,005 |
|
|
|
6.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Transportation: Cargo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
A&R Logistics, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.75% |
|
|
11.15 |
% |
|
5/5/2025 |
|
$ |
|
5,882 |
|
|
|
5,849 |
|
|
|
5,882 |
|
|
|
|
|
A&R Logistics, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.75% |
|
|
11.15 |
% |
|
5/5/2025 |
|
$ |
|
2,386 |
|
|
|
2,368 |
|
|
|
2,386 |
|
|
|
|
|
A&R Logistics, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.75% |
|
|
11.15 |
% |
|
5/5/2025 |
|
$ |
|
21,842 |
|
|
|
21,678 |
|
|
|
21,842 |
|
|
|
|
|
A&R Logistics, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.25% |
|
|
11.65 |
% |
|
5/5/2025 |
|
$ |
|
2,674 |
|
|
|
2,663 |
|
|
|
2,674 |
|
|
|
|
|
A&R Logistics, Inc. (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
5.75% |
|
|
11.01 |
% |
|
5/5/2025 |
|
$ |
|
245 |
|
|
|
150 |
|
|
|
245 |
|
|
|
|
|
ARL Holdings, LLC (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
— |
|
|
|
445 |
|
|
|
667 |
|
|
|
|
||
ARL Holdings, LLC (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
9 |
|
|
|
9 |
|
|
|
1,113 |
|
|
|
|
||
Grammer Investment Holdings LLC (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1,011 |
|
|
|
1,019 |
|
|
|
961 |
|
|
|
|
||
Grammer Investment Holdings LLC (14)(19)(25) |
|
Warrants |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
122 |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Grammer Investment Holdings LLC (19)(25) |
|
Preferred Equity |
|
— |
|
10.00% |
|
|
10.00 |
% |
|
— |
|
|
|
9 |
|
|
|
791 |
|
|
|
962 |
|
|
|
|
|
Grammer Purchaser, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
4.50% |
|
|
9.99 |
% |
|
9/30/2024 |
|
$ |
|
3,790 |
|
|
|
3,730 |
|
|
|
3,790 |
|
|
|
|
|
Grammer Purchaser, Inc. (3)(15)(19)(29) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
4.50% |
|
|
9.70 |
% |
|
9/30/2024 |
|
$ |
|
516 |
|
|
|
516 |
|
|
|
516 |
|
|
|
|
|
Gulf Winds International (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.10% |
|
|
12.19 |
% |
|
12/16/2028 |
|
$ |
|
12,189 |
|
|
|
11,849 |
|
|
|
12,128 |
|
|
|
|
|
Gulf Winds International (2)(3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
12/16/2028 |
|
$ |
|
— |
|
|
|
(144 |
) |
|
|
(26 |
) |
|
|
|
||
Omni Intermediate (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.00% |
|
|
10.39 |
% |
|
11/23/2026 |
|
$ |
|
1,671 |
|
|
|
1,656 |
|
|
|
1,664 |
|
|
|
|
|
Omni Intermediate (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
11/30/2026 |
|
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Omni Logistics, LLC (15)(19) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
9.15% |
|
|
14.39 |
% |
|
12/30/2027 |
|
$ |
|
8,770 |
|
|
|
8,729 |
|
|
|
8,770 |
|
|
|
|
|
REP Coinvest III- A Omni, L.P. (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1,377 |
|
|
|
1,377 |
|
|
|
1,868 |
|
|
|
|
||
RoadOne (19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.25% |
|
|
11.11 |
% |
|
12/29/2028 |
|
$ |
|
12,189 |
|
|
|
11,848 |
|
|
|
11,945 |
|
|
|
|
|
RoadOne (3)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
6.25% |
|
|
11.11 |
% |
|
12/29/2028 |
|
$ |
|
1,731 |
|
|
|
1,627 |
|
|
|
1,618 |
|
|
|
|
|
RoadOne (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
6.25% |
|
|
11.11 |
% |
|
12/29/2028 |
|
$ |
|
267 |
|
|
|
146 |
|
|
|
179 |
|
|
|
|
|
Transportation: Cargo Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
76,306 |
|
|
$ |
79,184 |
|
|
|
7.0 |
% |
||
18
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Transportation: Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PrimeFlight Acquisition LLC (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.85% |
|
|
11.94 |
% |
|
5/1/2029 |
|
$ |
|
17,250 |
|
|
|
16,915 |
|
|
|
16,733 |
|
|
|
|
|
Toro Private Investments II, L.P. (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
3,090 |
|
|
|
3,090 |
|
|
|
— |
|
|
|
|
||
Toro Private Investments II, L.P. (6)(18) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
8.50% |
|
|
13.36 |
% |
|
5/29/2026 |
|
$ |
|
7,084 |
|
|
|
5,835 |
|
|
|
4,497 |
|
|
|
|
|
Toro Private Investments ll, L.P. (15)(26) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
1.10% (7.25% PIK) |
|
|
13.45 |
% |
|
2/28/2025 |
|
$ |
|
416 |
|
|
|
414 |
|
|
|
410 |
|
|
|
|
|
Transportation: Consumer Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
26,254 |
|
|
$ |
21,640 |
|
|
|
1.9 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Abracon Group Holding, LLC. (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.75% |
|
|
10.89 |
% |
|
7/6/2028 |
|
$ |
|
11,461 |
|
|
|
11,260 |
|
|
|
11,002 |
|
|
|
|
|
Abracon Group Holding, LLC. (2)(3)(5)(16)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
7/6/2028 |
|
$ |
|
— |
|
|
|
(34 |
) |
|
|
(81 |
) |
|
|
|
||
Abracon Group Holding, LLC. (3)(16)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
5.75% |
|
|
10.95 |
% |
|
7/6/2028 |
|
$ |
|
1,494 |
|
|
|
1,436 |
|
|
|
1,292 |
|
|
|
|
|
Aramsco, Inc. (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
5.75% |
|
|
10.95 |
% |
|
8/28/2024 |
|
$ |
|
13,993 |
|
|
|
13,918 |
|
|
|
13,993 |
|
|
|
|
|
Aramsco, Inc. (3)(5)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
— |
|
— |
|
— |
|
|
8/28/2024 |
|
$ |
|
— |
|
|
|
(20 |
) |
|
|
— |
|
|
|
|
||
Armor Group, LP (14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
10 |
|
|
|
1,012 |
|
|
|
2,263 |
|
|
|
|
||
SureWerx (2)(3)(5)(16)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
— |
|
— |
|
— |
|
|
12/28/2029 |
|
$ |
|
— |
|
|
|
(28 |
) |
|
|
(15 |
) |
|
|
|
||
SureWerx (3)(16)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
6.75% |
|
|
11.99 |
% |
|
12/29/2028 |
|
$ |
|
188 |
|
|
|
163 |
|
|
|
180 |
|
|
|
|
|
Wholesale Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
27,707 |
|
|
$ |
28,634 |
|
|
|
2.6 |
% |
||
Non-Controlled/Non-Affiliate Investments Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,745,841 |
|
|
$ |
1,669,079 |
|
|
|
148.3 |
% |
||
19
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Non-Controlled/Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Ansett Aviation Training (6)(10)(18)(19) |
|
First Lien Senior Secured Loan |
|
BBSY |
|
4.69% |
|
|
9.04 |
% |
|
9/24/2031 |
|
AUD |
|
7,072 |
|
|
|
5,308 |
|
|
|
4,713 |
|
|
|
|
|
Ansett Aviation Training (6)(10)(14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
5,119 |
|
|
|
3,842 |
|
|
|
6,768 |
|
|
|
|
||
Aerospace & Defense Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,150 |
|
|
$ |
11,481 |
|
|
|
1.0 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beverage, Food & Tobacco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
ADT Pizza, LLC (10)(14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
6,720 |
|
|
|
6,732 |
|
|
|
14,581 |
|
|
|
|
||
Beverage, Food & Tobacco Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,732 |
|
|
$ |
14,581 |
|
|
|
1.3 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consumer Goods: Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Walker Edison (10)(14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
60 |
|
|
|
5,592 |
|
|
|
4,634 |
|
|
|
|
||
Walker Edison (10)(15)(19)(26) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.75% PIK |
|
|
11.99 |
% |
|
3/31/2027 |
|
$ |
|
5,419 |
|
|
|
5,419 |
|
|
|
5,418 |
|
|
|
|
|
Walker Edison (3)(10)(18)(19)(26) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
6.75% PIK |
|
|
11.94 |
% |
|
3/31/2027 |
|
$ |
|
161 |
|
|
|
161 |
|
|
|
161 |
|
|
|
|
|
Walker Edison (10)(15)(19)(26) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
6.25% PIK |
|
|
11.49 |
% |
|
3/31/2027 |
|
$ |
|
3,182 |
|
|
|
3,182 |
|
|
|
3,182 |
|
|
|
|
|
Consumer Goods: Durable Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,354 |
|
|
$ |
13,395 |
|
|
|
1.2 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Energy: Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Blackbrush Oil & Gas, L.P. (10)(14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1,198 |
|
|
|
1 |
|
|
|
— |
|
|
|
|
||
Blackbrush Oil & Gas, L.P. (10)(14)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
38,505 |
|
|
|
11,777 |
|
|
|
33,028 |
|
|
|
|
||
Blackbrush Oil & Gas, L.P. (10)(15)(19)(26)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
5.00% (2.00% PIK) |
|
|
12.65 |
% |
|
9/3/2025 |
|
$ |
|
9,132 |
|
|
|
9,131 |
|
|
|
9,131 |
|
|
|
|
|
Energy: Oil & Gas Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
20,909 |
|
|
$ |
42,159 |
|
|
|
3.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FIRE: Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
BCC Middle Market CLO 2018-1, LLC (6)(10)(19)(25) |
|
Structured Product |
|
— |
|
— |
|
— |
|
|
10/20/2030 |
|
|
|
25,635 |
|
|
|
24,050 |
|
|
|
23,159 |
|
|
|
|
||
FIRE: Finance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
24,050 |
|
|
$ |
23,159 |
|
|
|
2.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Transportation: Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Direct Travel, Inc. (10)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
6.00% |
|
|
11.39 |
% |
|
10/2/2025 |
|
$ |
|
3,457 |
|
|
|
3,457 |
|
|
|
3,457 |
|
|
|
|
|
Direct Travel, Inc. (10)(18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.50% |
|
|
11.89 |
% |
|
10/2/2025 |
|
$ |
|
59,342 |
|
|
|
59,342 |
|
|
|
59,342 |
|
|
|
|
|
Direct Travel, Inc. (10)(18)(19)(28) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
6.50% |
|
|
11.89 |
% |
|
10/2/2025 |
|
$ |
|
1,764 |
|
|
|
1,764 |
|
|
|
1,764 |
|
|
|
|
|
Direct Travel, Inc. (10)(18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.50% |
|
|
11.89 |
% |
|
10/2/2025 |
|
$ |
|
4,841 |
|
|
|
4,841 |
|
|
|
4,841 |
|
|
|
|
|
Direct Travel, Inc. (10)(18)(19)(28) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
6.00% |
|
|
11.39 |
% |
|
10/2/2025 |
|
$ |
|
202 |
|
|
|
202 |
|
|
|
202 |
|
|
|
|
|
Direct Travel, Inc. (3)(10)(18)(19)(28) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
6.00% |
|
|
11.39 |
% |
|
10/2/2025 |
|
$ |
|
4,575 |
|
|
|
4,575 |
|
|
|
4,575 |
|
|
|
|
|
Direct Travel, Inc. (10)(14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
68 |
|
|
|
— |
|
|
|
13,039 |
|
|
|
|
||
Transportation: Consumer Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
74,181 |
|
|
$ |
87,220 |
|
|
|
7.7 |
% |
||
Non-Controlled/Affiliate Investments Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
149,376 |
|
|
$ |
191,995 |
|
|
|
17.1 |
% |
||
20
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread |
|
Interest Rate |
|
|
Maturity Date |
|
Principal/Shares (9) |
|
|
Cost |
|
|
Market Value |
|
|
% of NAV (4) |
|
||||||
Controlled Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
BCC Jetstream Holdings Aviation (Off I), LLC (6)(10)(11)(14)(19)(20)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
11,863 |
|
|
|
11,863 |
|
|
|
10,863 |
|
|
|
|
||
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(19)(20) |
|
First Lien Senior Secured Loan |
|
— |
|
10.00% |
|
10.00% |
|
|
6/2/2024 |
|
$ |
|
8,013 |
|
|
|
8,013 |
|
|
|
6,811 |
|
|
|
|
||
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(19)(20)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1,116 |
|
|
|
1,116 |
|
|
|
— |
|
|
|
|
||
Gale Aviation (Offshore) Co (6)(10)(11)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
90,450 |
|
|
|
90,450 |
|
|
|
89,672 |
|
|
|
|
||
Aerospace & Defense Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
111,442 |
|
|
$ |
107,346 |
|
|
|
9.5 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FIRE: Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Legacy Corporate Lending HoldCo, LLC (10)(11)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
1 |
|
|
|
641 |
|
|
|
641 |
|
|
|
|
||
Legacy Corporate Lending HoldCo, LLC (10)(11)(19)(25) |
|
Preferred Equity |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
5 |
|
|
|
5,175 |
|
|
|
5,175 |
|
|
|
|
||
FIRE: Finance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,816 |
|
|
$ |
5,816 |
|
|
|
0.5 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment Vehicles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Bain Capital Senior Loan Program, LLC (6)(10)(11)(19) |
|
Subordinated Note Investment Vehicles |
|
— |
|
10.00% |
|
|
10.00 |
% |
|
12/27/2033 |
|
$ |
|
115,995 |
|
|
|
115,995 |
|
|
|
115,995 |
|
|
|
|
|
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) |
|
Preferred Equity Interest Investment Vehicles |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
10 |
|
|
|
10 |
|
|
|
(1,080 |
) |
|
|
|
||
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) |
|
Equity Interest Investment Vehicles |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
10 |
|
|
|
5,594 |
|
|
|
1,879 |
|
|
|
|
||
International Senior Loan Program, LLC (6)(10)(11)(15)(19) |
|
Subordinated Note Investment Vehicles |
|
SOFR |
|
8.00% |
|
|
13.55 |
% |
|
2/22/2028 |
|
$ |
|
186,979 |
|
|
|
186,979 |
|
|
|
186,979 |
|
|
|
|
|
International Senior Loan Program, LLC (6)(10)(11)(25) |
|
Equity Interest Investment Vehicles |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
62,337 |
|
|
|
59,365 |
|
|
|
65,831 |
|
|
|
|
||
Investment Vehicles Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
367,943 |
|
|
$ |
369,604 |
|
|
|
32.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Transportation: Cargo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25) |
|
Equity Interest |
|
— |
|
— |
|
— |
|
|
— |
|
|
|
34,899 |
|
|
|
35,209 |
|
|
|
41,432 |
|
|
|
|
||
Transportation: Cargo Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
35,209 |
|
|
$ |
41,432 |
|
|
|
3.7 |
% |
||
Controlled Affiliate Investments Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
520,410 |
|
|
$ |
524,198 |
|
|
|
46.5 |
% |
||
Investments Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,415,627 |
|
|
$ |
2,385,272 |
|
|
|
211.9 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Goldman Sachs Financial Square Government Fund Institutional Share Class (30) |
|
Cash Equivalents |
|
— |
|
— |
|
|
5.02 |
% |
|
— |
|
$ |
|
106,722 |
|
|
|
106,722 |
|
|
|
106,722 |
|
|
|
|
|
Cash Equivalents Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
106,722 |
|
|
$ |
106,722 |
|
|
|
9.5 |
% |
||
Investments and Cash Equivalents Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,522,349 |
|
|
$ |
2,491,994 |
|
|
|
221.4 |
% |
||
21
Forward Foreign Currency Exchange Contracts
Currency Purchased |
|
Currency Sold |
|
Counterparty |
|
Settlement Date |
|
Unrealized Appreciation(8) |
|
|
US DOLLARS 100 |
|
NORWEGIAN KRONE 1,240 |
|
Bank of New York Mellon |
|
7/26/2023 |
|
$ |
(16 |
) |
US DOLLARS 11,934 |
|
NORWEGIAN KRONE 122,500 |
|
Citibank |
|
7/26/2023 |
|
|
488 |
|
US DOLLARS 6,138 |
|
POUND STERLING 5,000 |
|
Bank of New York Mellon |
|
8/4/2023 |
|
|
(219 |
) |
US DOLLARS 448 |
|
AUSTRALIAN DOLLARS 240 |
|
Bank of New York Mellon |
|
8/15/2023 |
|
|
289 |
|
US DOLLARS 121 |
|
EURO 000 |
|
Bank of New York Mellon |
|
11/15/2023 |
|
|
(121 |
) |
US DOLLARS 6,092 |
|
POUND STERLING 3,125 |
|
Bank of New York Mellon |
|
|
|
2,121 |
|
|
US DOLLARS 3,578 |
|
EURO 3,260 |
|
Bank of New York Mellon |
|
1/18/2024 |
|
|
(16 |
) |
US DOLLARS 15,431 |
|
EURO 14,000 |
|
Bank of New York Mellon |
|
1/24/2024 |
|
|
(7 |
) |
US DOLLARS 5,068 |
|
EURO 4,610 |
|
Bank of New York Mellon |
|
2/7/2024 |
|
|
(19 |
) |
US DOLLARS 10,027 |
|
AUSTRALIAN DOLLARS 14,470 |
|
Bank of New York Mellon |
|
3/5/2024 |
|
|
335 |
|
US DOLLARS 11,436 |
|
POUND STERLING 9,440 |
|
Bank of New York Mellon |
|
3/5/2024 |
|
|
(541 |
) |
US DOLLARS 54,490 |
|
EURO 50,480 |
|
Bank of New York Mellon |
|
3/5/2024 |
|
|
(1,282 |
) |
US DOLLARS 4,896 |
|
CANADIAN DOLLAR 6,610 |
|
Bank of New York Mellon |
|
3/5/2024 |
|
|
(119 |
) |
US DOLLARS 2,054 |
|
POUND STERLING 1,710 |
|
Bank of New York Mellon |
|
3/15/2024 |
|
|
(115 |
) |
US DOLLARS 10,773 |
|
EURO 9,890 |
|
Bank of New York Mellon |
|
5/17/2024 |
|
|
(187 |
) |
US DOLLARS 3,951 |
|
POUND STERLING 3,150 |
|
Bank of New York Mellon |
|
6/21/2024 |
|
|
(34 |
) |
US DOLLARS 4,704 |
|
POUND STERLING 3,570 |
|
Bank of New York Mellon |
|
6/24/2024 |
|
|
142 |
|
US DOLLARS 10,866 |
|
POUND STERLING 8,950 |
|
Citibank |
|
6/24/2024 |
|
|
(456 |
) |
US DOLLARS 33,662 |
|
POUND STERLING 27,860 |
|
Citibank |
|
1/9/2025 |
|
|
(1,340 |
) |
US DOLLARS 098 |
|
EURO 090 |
|
Bank of New York Mellon |
|
1/9/2025 |
|
|
(2 |
) |
US DOLLARS 4,186 |
|
POUND STERLING 3,430 |
|
Bank of New York Mellon |
|
6/10/2025 |
|
|
(99 |
) |
US DOLLARS 5,309 |
|
EURO 4,800 |
|
Bank of New York Mellon |
|
6/10/2025 |
|
|
(76 |
) |
US DOLLARS 5,371 |
|
EURO 5,000 |
|
Bank of New York Mellon |
|
6/13/2025 |
|
|
(240 |
) |
US DOLLARS 2,762 |
|
AUSTRALIAN DOLLARS 3,739 |
|
Bank of New York Mellon |
|
7/28/2025 |
|
|
261 |
|
|
|
|
|
|
|
|
|
$ |
(1,253 |
) |
22
Investment |
|
Acquisition Date |
ACAMS |
|
3/10/2022 |
ADT Pizza, LLC |
|
10/29/2018 |
Ansett Aviation Training |
|
3/24/2022 |
Apollo Intelligence |
|
6/1/2022 |
Appriss Holdings, Inc. |
|
5/3/2021 |
AQ Software Corporation |
|
12/10/2021 |
AQ Software Corporation |
|
4/14/2022 |
AQ Software Corporation |
|
12/29/2022 |
ARL Holdings, LLC |
|
5/3/2019 |
Armor Group, LP |
|
8/28/2018 |
Bain Capital Senior Loan Program, LLC |
|
12/27/2021 |
BCC Jetstream Holdings Aviation (Off I), LLC |
|
6/1/2017 |
BCC Jetstream Holdings Aviation (On II), LLC |
|
6/1/2017 |
BCC Middle Market CLO 2018-1, LLC |
|
2/28/2022 |
Blackbrush Oil & Gas, L.P. |
|
9/3/2020 |
Brook Bidco |
|
7/8/2021 |
CB Titan Holdings, Inc. |
|
5/1/2017 |
Cloud Technology Solutions (CTS) |
|
12/15/2022 |
Congress Wealth |
|
6/30/2023 |
Darcy Partners |
|
6/1/2022 |
DC Blox Inc. |
|
3/22/2021 |
DC Blox Inc. |
|
3/23/2021 |
Direct Travel, Inc. |
|
10/2/2020 |
Eagle Rock Capital Corporation |
|
12/9/2021 |
East BCC Coinvest II, LLC |
|
7/23/2019 |
Elevator Holdco Inc. |
|
12/23/2019 |
Eleven Software |
|
4/25/2022 |
Elk Parent Holdings, LP |
|
11/1/2019 |
FCG Acquisitions, Inc. |
|
1/24/2019 |
Fineline Technologies, Inc. |
|
2/22/2021 |
23
Investment |
|
Acquisition Date |
Gale Aviation (Offshore) Co |
|
1/2/2019 |
Gills Point S |
|
5/17/2023 |
Gluware |
|
10/15/2021 |
Grammer Investment Holdings LLC |
|
10/1/2018 |
Hultec |
|
3/31/2023 |
iBanFirst Facility |
|
7/13/2021 |
Insigneo Financial Group LLC |
|
8/1/2022 |
International Senior Loan Program, LLC |
|
2/22/2021 |
Kellstrom Aerospace Group, Inc |
|
7/1/2019 |
Legacy Corporate Lending HoldCo, LLC |
|
4/21/2023 |
Lightning Holdings B, LLC |
|
1/2/2020 |
masLabor |
|
7/1/2021 |
MZR Aggregator |
|
12/22/2020 |
NPC International, Inc. |
|
4/1/2021 |
Opus2 |
|
6/16/2021 |
Parcel2Go |
|
7/15/2021 |
PPX |
|
7/29/2021 |
Precision Ultimate Holdings, LLC |
|
11/6/2019 |
REP Coinvest III- A Omni, L.P. |
|
2/5/2021 |
Revalize, Inc. |
|
12/29/2022 |
Robinson Helicopter |
|
6/30/2022 |
Service Master |
|
8/16/2021 |
Superna Inc. |
|
3/8/2022 |
Taoglas |
|
2/28/2023 |
Titan Cloud Software, Inc |
|
11/4/2022 |
TLC Holdco LP |
|
10/11/2019 |
Toro Private Investments II, L.P. |
|
4/2/2019 |
Utimaco |
|
6/28/2022 |
Ventiv Topco, Inc. |
|
9/3/2019 |
Walker Edison |
|
3/1/2023 |
WSP |
|
8/31/2021 |
See Notes to Consolidated Financial Statements
24
Bain Capital Specialty Finance, Inc.
Consolidated Schedule of Investments
As of December 31, 2022
(In thousands)
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
||||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
||||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Forming Machining Industries Holdings, LLC (18)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
4.25 |
% |
|
|
8.98 |
% |
|
10/9/2025 |
|
|
$ |
|
16,269 |
|
|
|
16,206 |
|
|
|
13,504 |
|
|
|
|
||
Forming Machining Industries Holdings, LLC (18)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
|
8.25 |
% |
|
|
12.98 |
% |
|
10/9/2026 |
|
|
$ |
|
6,540 |
|
|
|
6,503 |
|
|
|
5,265 |
|
|
|
|
||
GSP Holdings, LLC (15)(19)(26)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
5.75% (0.25% PIK) |
|
|
|
10.48 |
% |
|
11/6/2025 |
|
|
$ |
|
35,352 |
|
|
|
35,459 |
|
|
|
33,054 |
|
|
|
|
|||
GSP Holdings, LLC (15)(19)(26) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
5.75% (0.25% PIK) |
|
|
|
10.24 |
% |
|
11/6/2025 |
|
|
$ |
|
4,550 |
|
|
|
4,528 |
|
|
|
4,254 |
|
|
|
|
|||
Kellstrom Aerospace Group, Inc (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
1 |
|
|
|
1,963 |
|
|
|
894 |
|
|
|
|
||||
Kellstrom Commercial Aerospace, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.00 |
% |
|
|
9.88 |
% |
|
7/1/2025 |
|
|
$ |
|
29,898 |
|
|
|
29,611 |
|
|
|
28,403 |
|
|
|
|
||
Kellstrom Commercial Aerospace, Inc. (3)(15)(19)(26) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
6.25% (0.5% PIK) |
|
|
|
11.25 |
% |
|
7/1/2025 |
|
|
$ |
|
1,173 |
|
|
|
1,136 |
|
|
|
960 |
|
|
|
|
|||
Mach Acquisition R/C (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
|
7.50 |
% |
|
|
11.96 |
% |
|
10/18/2026 |
|
|
$ |
|
4,017 |
|
|
|
3,864 |
|
|
|
3,465 |
|
|
|
|
||
Mach Acquisition T/L (15)(19)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
4.50% (4.00% PIK) |
|
|
|
12.72 |
% |
|
10/18/2026 |
|
|
$ |
|
33,012 |
|
|
|
32,502 |
|
|
|
31,197 |
|
|
|
|
|||
Precision Ultimate Holdings, LLC (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
|
1,417 |
|
|
|
1,417 |
|
|
|
1,362 |
|
|
|
|
|||
Robinson Helicopter (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
1,592 |
|
|
|
1,592 |
|
|
|
1,710 |
|
|
|
|
||||
Robinson Helicopter (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.50 |
% |
|
|
10.92 |
% |
|
6/30/2028 |
|
|
$ |
|
26,272 |
|
|
|
25,716 |
|
|
|
25,878 |
|
|
|
|
||
Saturn Purchaser Corp. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.60 |
% |
|
|
8.54 |
% |
|
7/22/2029 |
|
|
$ |
|
56,867 |
|
|
|
56,299 |
|
|
|
56,867 |
|
|
|
|
||
Saturn Purchaser Corp. (3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
— |
|
|
7/22/2029 |
|
|
$ |
|
— |
|
|
|
(46 |
) |
|
|
— |
|
|
|
|
||||
Whitcraft LLC (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.00 |
% |
|
|
11.73 |
% |
|
4/3/2023 |
|
|
$ |
|
28,686 |
|
|
|
28,651 |
|
|
|
28,686 |
|
|
|
|
||
Whitcraft LLC (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
P |
|
|
5.00 |
% |
|
|
11.25 |
% |
|
4/3/2023 |
|
|
$ |
|
1,450 |
|
|
|
1,448 |
|
|
|
1,450 |
|
|
|
|
||
WP CPP Holdings, LLC. (15)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
|
7.75 |
% |
|
|
12.17 |
% |
|
4/30/2026 |
|
|
$ |
|
11,724 |
|
|
|
11,659 |
|
|
|
9,438 |
|
|
|
|
||
Aerospace & Defense Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
258,508 |
|
|
$ |
246,387 |
|
|
|
22.1 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Automotive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
American Trailer Rental Group (19)(26) |
|
Subordinated Debt |
|
|
|
9.00% (2.00% PIK) |
|
|
|
11.00 |
% |
|
12/1/2027 |
|
|
$ |
|
4,999 |
|
|
|
4,937 |
|
|
|
4,949 |
|
|
|
|
|||
American Trailer Rental Group (19)(26) |
|
Subordinated Debt |
|
|
|
9.00% (2.00% PIK) |
|
|
|
11.00 |
% |
|
12/1/2027 |
|
|
$ |
|
15,424 |
|
|
|
15,144 |
|
|
|
15,270 |
|
|
|
|
|||
American Trailer Rental Group (19)(26) |
|
Subordinated Debt |
|
|
|
9.00% (2.00% PIK) |
|
|
|
11.00 |
% |
|
12/1/2027 |
|
|
$ |
|
19,261 |
|
|
|
18,889 |
|
|
|
19,068 |
|
|
|
|
|||
Cardo (6)(17)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.00 |
% |
|
|
10.21 |
% |
|
5/12/2028 |
|
|
$ |
|
98 |
|
|
|
97 |
|
|
|
98 |
|
|
|
|
||
Intoxalock (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.75 |
% |
|
|
11.18 |
% |
|
11/1/2028 |
|
|
$ |
|
19,522 |
|
|
|
19,327 |
|
|
|
19,327 |
|
|
|
|
||
Intoxalock (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
6.75 |
% |
|
|
11.18 |
% |
|
11/1/2028 |
|
|
$ |
|
343 |
|
|
|
310 |
|
|
|
309 |
|
|
|
|
||
JHCC Holdings, LLC (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
|
5.75 |
% |
|
|
10.48 |
% |
|
9/9/2025 |
|
|
$ |
|
8,332 |
|
|
|
8,309 |
|
|
|
8,145 |
|
|
|
|
||
JHCC Holdings, LLC (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
|
10.48 |
% |
|
9/9/2025 |
|
|
$ |
|
21,263 |
|
|
|
21,108 |
|
|
|
20,785 |
|
|
|
|
||
JHCC Holdings, LLC (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
|
5.75 |
% |
|
|
11.17 |
% |
|
9/9/2025 |
|
|
$ |
|
1,746 |
|
|
|
1,719 |
|
|
|
1,682 |
|
|
|
|
||
Automotive Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
89,840 |
|
|
$ |
89,633 |
|
|
|
8.0 |
% |
|||||
25
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
||||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
||||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Banking, Finance, Insurance & Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Morrow Sodali (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
5.00 |
% |
|
|
9.42 |
% |
|
4/25/2028 |
|
|
$ |
|
815 |
|
|
|
787 |
|
|
|
783 |
|
|
|
|
||
Morrow Sodali (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
5.00 |
% |
|
|
9.23 |
% |
|
4/25/2028 |
|
|
$ |
|
2,659 |
|
|
|
2,641 |
|
|
|
2,619 |
|
|
|
|
||
Morrow Sodali (3)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
5.00 |
% |
|
|
9.48 |
% |
|
4/25/2028 |
|
|
$ |
|
896 |
|
|
|
832 |
|
|
|
863 |
|
|
|
|
||
Banking, Finance, Insurance & Real Estate Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,260 |
|
|
$ |
4,265 |
|
|
|
0.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Beverage, Food & Tobacco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
NPC International, Inc. (14)(19)(25)(27) |
|
Equity Interest |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
|
342 |
|
|
|
512 |
|
|
|
35 |
|
|
|
|
|||
Beverage, Food & Tobacco Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
512 |
|
|
$ |
35 |
|
|
|
0.0 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Capital Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ClockSpring (15)(19)(26) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
6.50% (5.00% PIK) |
|
|
|
16.08 |
% |
|
8/1/2025 |
|
|
$ |
|
5,301 |
|
|
|
5,217 |
|
|
|
5,248 |
|
|
|
|
|||
East BCC Coinvest II, LLC (14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
1,419 |
|
|
|
1,419 |
|
|
|
661 |
|
|
|
|
|
Ergotron Acquisition LLC (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
|
10.18 |
% |
|
7/6/2028 |
|
|
$ |
|
12,219 |
|
|
|
11,987 |
|
|
|
11,975 |
|
|
|
|
||
FCG Acquisitions, Inc. (14)(19)(25) |
|
Preferred Equity |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Jonathan Acquisition Company (15)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
|
9.00 |
% |
|
|
13.75 |
% |
|
12/22/2027 |
|
|
$ |
|
8,000 |
|
|
|
7,843 |
|
|
|
7,860 |
|
|
|
|
||
TCFIII Owl Finance, LLC (19) |
|
Subordinated Debt |
|
|
|
|
12.00 |
% |
|
|
12.00 |
% |
|
1/30/2027 |
|
|
$ |
|
4,841 |
|
|
|
4,782 |
|
|
|
4,635 |
|
|
|
|
||
Capital Equipment Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
31,248 |
|
|
$ |
30,379 |
|
|
|
2.7 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AP Plastics Group, LLC (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
4.75 |
% |
|
|
8.97 |
% |
|
8/10/2028 |
|
|
$ |
|
7,287 |
|
|
|
7,076 |
|
|
|
7,069 |
|
|
|
|
||
V Global Holdings LLC (16)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
|
8.99 |
% |
|
12/22/2027 |
|
|
$ |
|
5,862 |
|
|
|
5,761 |
|
|
|
5,642 |
|
|
|
|
||
V Global Holdings LLC (2)(3)(5)(16)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
— |
|
|
|
— |
|
|
12/22/2025 |
|
|
$ |
|
— |
|
|
|
(147 |
) |
|
|
(363 |
) |
|
|
|
||
V Global Holdings LLC (16)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.75 |
% |
|
|
8.04 |
% |
|
12/22/2027 |
|
|
€ |
|
100 |
|
|
|
103 |
|
|
|
103 |
|
|
|
|
||
Chemicals, Plastics & Rubber Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12,793 |
|
|
$ |
12,451 |
|
|
|
1.1 |
% |
|||||
26
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
||||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
||||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Construction & Building |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Chase Industries, Inc. (15)(19)(26) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
7.00% PIK |
|
|
|
11.73 |
% |
|
5/12/2025 |
|
|
$ |
|
1,335 |
|
|
|
1,334 |
|
|
|
1,114 |
|
|
|
|
|||
Chase Industries, Inc. (15)(19)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
7.00% PIK |
|
|
|
11.73 |
% |
|
5/12/2025 |
|
|
$ |
|
14,122 |
|
|
|
14,095 |
|
|
|
11,792 |
|
|
|
|
|||
Elk Parent Holdings, LP (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
1 |
|
|
|
12 |
|
|
|
630 |
|
|
|
|
||
Elk Parent Holdings, LP (14)(19)(25) |
|
Preferred Equity |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
120 |
|
|
|
1,202 |
|
|
|
1,545 |
|
|
|
|
||
Regan Development Holdings Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.50 |
% |
|
|
8.29 |
% |
|
4/18/2023 |
|
|
€ |
|
2,087 |
|
|
|
2,274 |
|
|
|
2,139 |
|
|
|
|
||
Regan Development Holdings Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.50 |
% |
|
|
8.29 |
% |
|
4/18/2023 |
|
|
€ |
|
677 |
|
|
|
768 |
|
|
|
694 |
|
|
|
|
||
Regan Development Holdings Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.50 |
% |
|
|
8.29 |
% |
|
4/18/2023 |
|
|
€ |
|
6,335 |
|
|
|
6,888 |
|
|
|
6,477 |
|
|
|
|
||
SAM (19)(26) |
|
First Lien Senior Secured Loan |
|
|
|
11.25% PIK |
|
|
|
11.25 |
% |
|
5/9/2028 |
|
|
$ |
|
34,277 |
|
|
|
34,002 |
|
|
|
32,392 |
|
|
|
|
|||
Service Master (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
8.50 |
% |
|
|
12.94 |
% |
|
8/16/2027 |
|
|
$ |
|
7,030 |
|
|
|
6,677 |
|
|
|
6,746 |
|
|
|
|
||
Service Master (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
7.50 |
% |
|
|
12.99 |
% |
|
8/16/2027 |
|
|
$ |
|
926 |
|
|
|
911 |
|
|
|
926 |
|
|
|
|
||
Service Master (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
350 |
|
|
|
350 |
|
|
|
426 |
|
|
|
|
||
Service Master (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
8.50 |
% |
|
|
12.94 |
% |
|
8/16/2027 |
|
|
$ |
|
21,923 |
|
|
|
21,923 |
|
|
|
21,923 |
|
|
|
|
||
YLG Holdings, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.00 |
% |
|
|
9.93 |
% |
|
10/31/2025 |
|
|
$ |
|
27,151 |
|
|
|
27,067 |
|
|
|
27,151 |
|
|
|
|
||
YLG Holdings, Inc. (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
|
5.00 |
% |
|
|
9.21 |
% |
|
10/31/2025 |
|
|
$ |
|
5,022 |
|
|
|
5,017 |
|
|
|
5,022 |
|
|
|
|
||
YLG Holdings, Inc. (3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
— |
|
|
|
— |
|
|
10/31/2025 |
|
|
$ |
|
— |
|
|
|
(40 |
) |
|
|
— |
|
|
|
|
||
Construction & Building Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
122,480 |
|
|
$ |
118,977 |
|
|
|
10.7 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consumer Goods: Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
New Milani Group LLC (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.00 |
% |
|
|
10.73 |
% |
|
6/6/2024 |
|
|
$ |
|
21,475 |
|
|
|
21,053 |
|
|
|
21,206 |
|
|
|
|
||
Stanton Carpet (15)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
|
9.00 |
% |
|
|
13.77 |
% |
|
3/31/2028 |
|
|
$ |
|
11,434 |
|
|
|
11,232 |
|
|
|
11,434 |
|
|
|
|
||
Tangent Technologies Acquisition, LLC (15)(19) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
|
8.75 |
% |
|
|
12.95 |
% |
|
5/30/2028 |
|
|
$ |
|
8,915 |
|
|
|
8,756 |
|
|
|
8,915 |
|
|
|
|
||
TLC Holdco LP (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
1,281 |
|
|
|
1,221 |
|
|
|
— |
|
|
|
|
||
TLC Purchaser, Inc. (15)(19)(26)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
6.25% (2.00% PIK) |
|
|
|
11.02 |
% |
|
10/13/2025 |
|
|
$ |
|
35,621 |
|
|
|
35,007 |
|
|
|
27,874 |
|
|
|
|
|||
TLC Purchaser, Inc. (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
|
6.25 |
% |
|
|
10.77 |
% |
|
10/13/2025 |
|
|
$ |
|
7,693 |
|
|
|
7,549 |
|
|
|
5,622 |
|
|
|
|
||
Consumer Goods: Durable Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
84,818 |
|
|
$ |
75,051 |
|
|
|
6.7 |
% |
|||||
27
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
||||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
||||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consumer Goods: Non-Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fineline Technologies, Inc. (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
939 |
|
|
|
939 |
|
|
|
1,083 |
|
|
|
|
||
FL Hawk Intermediate Holdings, Inc. (15)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
|
9.00 |
% |
|
|
13.73 |
% |
|
8/22/2028 |
|
|
$ |
|
15,125 |
|
|
|
14,753 |
|
|
|
15,125 |
|
|
|
|
||
RoC Opco LLC (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
8.50 |
% |
|
|
12.73 |
% |
|
2/25/2025 |
|
|
$ |
|
15,041 |
|
|
|
14,882 |
|
|
|
15,041 |
|
|
|
|
||
RoC Opco LLC (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
|
8.50 |
% |
|
|
12.45 |
% |
|
2/25/2025 |
|
|
$ |
|
2,731 |
|
|
|
2,653 |
|
|
|
2,731 |
|
|
|
|
||
Solaray, LLC (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
5.75 |
% |
|
|
10.43 |
% |
|
9/9/2023 |
|
|
$ |
|
14,165 |
|
|
|
14,165 |
|
|
|
14,094 |
|
|
|
|
||
Solaray, LLC (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
|
10.43 |
% |
|
9/9/2023 |
|
|
$ |
|
30,762 |
|
|
|
30,762 |
|
|
|
30,608 |
|
|
|
|
||
Solaray, LLC (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
3.55 |
% |
|
|
9.08 |
% |
|
9/9/2023 |
|
|
$ |
|
5,950 |
|
|
|
5,941 |
|
|
|
5,950 |
|
|
|
|
||
WU Holdco, Inc. (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
|
5.50 |
% |
|
|
10.23 |
% |
|
3/26/2026 |
|
|
$ |
|
1,700 |
|
|
|
1,674 |
|
|
|
1,598 |
|
|
|
|
||
WU Holdco, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
|
10.23 |
% |
|
3/26/2026 |
|
|
$ |
|
37,677 |
|
|
|
37,272 |
|
|
|
35,417 |
|
|
|
|
||
WU Holdco, Inc. (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
|
5.50 |
% |
|
|
10.23 |
% |
|
3/26/2025 |
|
|
$ |
|
2,930 |
|
|
|
2,906 |
|
|
|
2,592 |
|
|
|
|
||
Consumer Goods: Non-Durable Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
125,947 |
|
|
$ |
124,239 |
|
|
|
11.1 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consumer Goods: Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
WSP Initial Term Loan (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.25 |
% |
|
|
10.63 |
% |
|
4/27/2027 |
|
|
$ |
|
6,002 |
|
|
|
5,905 |
|
|
|
5,477 |
|
|
|
|
||
WSP Initial Term Loan (2)(3)(5)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
— |
|
|
— |
|
|
4/27/2027 |
|
|
$ |
|
— |
|
|
|
(8 |
) |
|
|
(157 |
) |
|
|
|
||||
WSP LP Interest (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
|
2,898 |
|
|
|
2,898 |
|
|
|
1,506 |
|
|
|
|
|||
WSP Revolving Loan (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
|
6.25 |
% |
|
|
10.63 |
% |
|
4/27/2027 |
|
|
$ |
|
47 |
|
|
|
40 |
|
|
|
8 |
|
|
|
|
||
Consumer Goods: Wholesale Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,835 |
|
|
$ |
6,834 |
|
|
|
0.6 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Containers, Packaging & Glass |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ASP-r-pac Acquisition Co LLC (16)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.00 |
% |
|
|
10.38 |
% |
|
12/29/2027 |
|
|
$ |
|
4,083 |
|
|
|
4,013 |
|
|
|
4,032 |
|
|
|
|
||
ASP-r-pac Acquisition Co LLC (2)(3)(5)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
12/29/2027 |
|
|
$ |
|
— |
|
|
|
(54 |
) |
|
|
(41 |
) |
|
|
|
|||
Iris Holding, Inc. (17)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.75 |
% |
|
|
8.94 |
% |
|
6/28/2028 |
|
|
$ |
|
13,017 |
|
|
|
12,379 |
|
|
|
11,871 |
|
|
|
|
||
Containers, Packaging & Glass Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,338 |
|
|
$ |
15,862 |
|
|
|
1.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Energy: Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Amspec Services, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
|
10.48 |
% |
|
7/2/2024 |
|
|
$ |
|
2,770 |
|
|
|
2,751 |
|
|
|
2,770 |
|
|
|
|
||
Amspec Services, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
|
10.48 |
% |
|
7/2/2024 |
|
|
$ |
|
32,990 |
|
|
|
32,858 |
|
|
|
32,990 |
|
|
|
|
||
Amspec Services, Inc. (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
P |
|
|
3.75 |
% |
|
|
11.25 |
% |
|
7/2/2024 |
|
|
$ |
|
1,204 |
|
|
|
1,186 |
|
|
|
1,204 |
|
|
|
|
||
Energy: Oil & Gas Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
36,795 |
|
|
$ |
36,964 |
|
|
|
3.3 |
% |
|||||
28
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
||||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
||||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Environmental Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reconomy (6)(15)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
6.25 |
% |
|
|
9.68 |
% |
|
6/24/2029 |
|
|
£ |
|
68 |
|
|
|
82 |
|
|
|
82 |
|
|
|
|
||
Reconomy (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.00 |
% |
|
|
8.20 |
% |
|
6/24/2029 |
|
|
€ |
|
27 |
|
|
|
28 |
|
|
|
29 |
|
|
|
|
||
Reconomy (3)(5)(6)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
— |
|
|
|
— |
|
|
6/24/2029 |
|
|
£ |
|
— |
|
|
|
(75 |
) |
|
|
— |
|
|
|
|
|||
Reconomy (3)(5)(6)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
— |
|
|
|
— |
|
|
6/24/2029 |
|
|
£ |
|
— |
|
|
|
(75 |
) |
|
|
— |
|
|
|
|
|||
Titan Cloud Software, Inc (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
3,226 |
|
|
|
3,226 |
|
|
|
3,226 |
|
|
|
|
||
Titan Cloud Software, Inc (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.60 |
% |
|
|
11.05 |
% |
|
9/7/2029 |
|
|
$ |
|
25,714 |
|
|
|
25,464 |
|
|
|
25,457 |
|
|
|
|
||
Titan Cloud Software, Inc (2)(3)(5)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
— |
|
|
|
— |
|
|
9/7/2029 |
|
|
$ |
|
— |
|
|
|
(108 |
) |
|
|
(114 |
) |
|
|
|
|||
Titan Cloud Software, Inc (2)(3)(5)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
9/7/2028 |
|
|
$ |
|
— |
|
|
|
(54 |
) |
|
|
(57 |
) |
|
|
|
|||
Environmental Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
28,488 |
|
|
$ |
28,623 |
|
|
|
2.6 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FIRE: Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Allworth Financial Group, L.P. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.75 |
% |
|
|
9.17 |
% |
|
12/23/2026 |
|
|
$ |
|
1,505 |
|
|
|
1,490 |
|
|
|
1,460 |
|
|
|
|
||
Allworth Financial Group, L.P. (3)(15)(19)(29) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
4.75 |
% |
|
|
9.17 |
% |
|
12/23/2026 |
|
|
$ |
|
874 |
|
|
|
861 |
|
|
|
848 |
|
|
|
|
||
Allworth Financial Group, L.P. (2)(3)(5)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
12/23/2026 |
|
|
$ |
|
— |
|
|
|
(12 |
) |
|
|
(73 |
) |
|
|
|
|||
FNZ UK Finco Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
|
8.06 |
% |
|
9/30/2026 |
|
|
AUD |
|
81 |
|
|
|
55 |
|
|
|
55 |
|
|
|
|
||
Insigneo Financial Group LLC (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
|
9.19 |
% |
|
8/1/2028 |
|
|
$ |
|
3,825 |
|
|
|
3,733 |
|
|
|
3,729 |
|
|
|
|
||
Insigneo Financial Group LLC (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
2,190 |
|
|
|
2,191 |
|
|
|
2,190 |
|
|
|
|
||
Parmenion (6)(15)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
5.75 |
% |
|
|
8.68 |
% |
|
5/11/2029 |
|
|
£ |
|
328 |
|
|
|
409 |
|
|
|
396 |
|
|
|
|
||
TA/Weg Holdings (15)(19)(29) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
6.00 |
% |
|
|
10.75 |
% |
|
10/2/2025 |
|
|
$ |
|
2,373 |
|
|
|
2,364 |
|
|
|
2,373 |
|
|
|
|
||
TA/Weg Holdings (15)(19)(29) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
6.00 |
% |
|
|
9.41 |
% |
|
10/2/2025 |
|
|
$ |
|
9,399 |
|
|
|
9,399 |
|
|
|
9,399 |
|
|
|
|
||
FIRE: Finance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
20,490 |
|
|
$ |
20,377 |
|
|
|
1.8 |
% |
|||||
29
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
||||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
||||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FIRE: Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Margaux Acquisition Inc. (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
|
5.75 |
% |
|
|
9.49 |
% |
|
12/19/2024 |
|
|
$ |
|
9,105 |
|
|
|
9,088 |
|
|
|
9,105 |
|
|
|
|
||
Margaux Acquisition Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
|
9.49 |
% |
|
12/19/2024 |
|
|
$ |
|
17,591 |
|
|
|
17,445 |
|
|
|
17,591 |
|
|
|
|
||
Margaux Acquisition Inc. (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
5.75 |
% |
|
|
9.98 |
% |
|
12/19/2024 |
|
|
$ |
|
957 |
|
|
|
939 |
|
|
|
957 |
|
|
|
|
||
Margaux UK Finance Limited (3)(5)(6)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
12/19/2024 |
|
|
£ |
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
|
|||
Margaux UK Finance Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
5.75 |
% |
|
|
8.06 |
% |
|
12/19/2024 |
|
|
£ |
|
7,493 |
|
|
|
9,689 |
|
|
|
9,053 |
|
|
|
|
||
MRHT (3)(6)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
EURIBOR |
|
|
6.50 |
% |
|
|
8.41 |
% |
|
7/26/2028 |
|
|
€ |
|
2,631 |
|
|
|
2,655 |
|
|
|
2,817 |
|
|
|
|
||
MRHT (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.50 |
% |
|
|
6.90 |
% |
|
7/26/2028 |
|
|
€ |
|
500 |
|
|
|
535 |
|
|
|
535 |
|
|
|
|
||
MRHT (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.50 |
% |
|
|
7.06 |
% |
|
7/26/2028 |
|
|
€ |
|
216 |
|
|
|
249 |
|
|
|
231 |
|
|
|
|
||
MRHT (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.50 |
% |
|
|
7.41 |
% |
|
7/26/2028 |
|
|
€ |
|
100 |
|
|
|
101 |
|
|
|
107 |
|
|
|
|
||
Paisley Bidco Limited (3)(6)(18)(19) |
|
First Lien Senior Secured Loan- Revolver |
|
EURIBOR |
|
|
5.50 |
% |
|
|
8.30 |
% |
|
11/26/2028 |
|
|
£ |
|
5,165 |
|
|
|
6,128 |
|
|
|
6,257 |
|
|
|
|
||
Paisley Bidco Limited (6)(18)(19) |
|
First Lien Senior Secured Loan- Revolver |
|
EURIBOR |
|
|
5.50 |
% |
|
|
7.11 |
% |
|
11/26/2028 |
|
|
€ |
|
32 |
|
|
|
36 |
|
|
|
34 |
|
|
|
|
||
World Insurance (15)(19)(29) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
5.75 |
% |
|
|
10.33 |
% |
|
4/1/2026 |
|
|
$ |
|
8,274 |
|
|
|
8,218 |
|
|
|
8,192 |
|
|
|
|
||
World Insurance (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
|
10.33 |
% |
|
4/1/2026 |
|
|
$ |
|
3,114 |
|
|
|
3,070 |
|
|
|
3,083 |
|
|
|
|
||
World Insurance (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
5.75 |
% |
|
|
10.07 |
% |
|
4/1/2026 |
|
|
$ |
|
605 |
|
|
|
593 |
|
|
|
596 |
|
|
|
|
||
FIRE: Insurance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
58,741 |
|
|
$ |
58,558 |
|
|
|
5.3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Apollo Intelligence (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
|
9.93 |
% |
|
6/1/2028 |
|
|
$ |
|
15,271 |
|
|
|
15,127 |
|
|
|
15,271 |
|
|
|
|
||
Apollo Intelligence (3)(5)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
— |
|
|
|
— |
|
|
6/1/2028 |
|
|
$ |
|
— |
|
|
|
(87 |
) |
|
|
— |
|
|
|
|
|||
Apollo Intelligence (3)(5)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
6/1/2028 |
|
|
$ |
|
— |
|
|
|
(65 |
) |
|
|
— |
|
|
|
|
|||
Apollo Intelligence (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
32 |
|
|
|
3,197 |
|
|
|
3,164 |
|
|
|
|
||
CB Titan Holdings, Inc. (14)(19)(25) |
|
Preferred Equity |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
1,953 |
|
|
|
1,953 |
|
|
|
612 |
|
|
|
|
||
CPS Group Holdings, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
|
10.48 |
% |
|
3/3/2025 |
|
|
$ |
|
44,790 |
|
|
|
44,606 |
|
|
|
44,566 |
|
|
|
|
||
CPS Group Holdings, Inc. (2)(3)(5)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
3/3/2025 |
|
|
$ |
|
— |
|
|
|
(27 |
) |
|
|
(25 |
) |
|
|
|
|||
Datix Bidco Limited (6)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SONIA |
|
|
4.50 |
% |
|
|
6.69 |
% |
|
10/28/2024 |
|
|
£ |
|
10 |
|
|
|
11 |
|
|
|
12 |
|
|
|
|
||
Datix Bidco Limited (6)(18)(19) |
|
Second Lien Senior Secured Loan |
|
SONIA |
|
|
7.75 |
% |
|
|
9.44 |
% |
|
4/27/2026 |
|
|
£ |
|
121 |
|
|
|
164 |
|
|
|
147 |
|
|
|
|
||
Datix Bidco Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
BBSW |
|
|
4.50 |
% |
|
|
8.07 |
% |
|
4/28/2025 |
|
|
AUD |
|
42 |
|
|
|
32 |
|
|
|
29 |
|
|
|
|
||
Great Expressions Dental Center PC (15)(19)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
4.25% (0.5% PIK) |
|
|
|
9.19 |
% |
|
9/28/2023 |
|
|
$ |
|
7,730 |
|
|
|
7,768 |
|
|
|
7,285 |
|
|
|
|
|||
Great Expressions Dental Center PC (3)(15)(19)(26) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
4.25% (0.5% PIK) |
|
|
|
9.19 |
% |
|
9/28/2023 |
|
|
$ |
|
1,080 |
|
|
|
1,078 |
|
|
|
1,010 |
|
|
|
|
|||
Mertus 522. GmbH (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.25 |
% |
|
|
8.11 |
% |
|
5/28/2026 |
|
|
€ |
|
131 |
|
|
|
142 |
|
|
|
138 |
|
|
|
|
||
Mertus 522. GmbH (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.25 |
% |
|
|
8.69 |
% |
|
5/28/2026 |
|
|
€ |
|
225 |
|
|
|
248 |
|
|
|
236 |
|
|
|
|
||
Premier Imaging, LLC (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
|
10.13 |
% |
|
1/2/2025 |
|
|
$ |
|
7,141 |
|
|
|
7,064 |
|
|
|
7,141 |
|
|
|
|
||
Premier Imaging, LLC (3)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
|
5.75 |
% |
|
|
10.13 |
% |
|
1/2/2025 |
|
|
$ |
|
1,936 |
|
|
|
1,866 |
|
|
|
1,936 |
|
|
|
|
||
SunMed Group Holdings, LLC (16)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
|
10.48 |
% |
|
6/16/2028 |
|
|
$ |
|
8,694 |
|
|
|
8,568 |
|
|
|
8,151 |
|
|
|
|
||
SunMed Group Holdings, LLC (3)(16)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
|
5.75 |
% |
|
|
10.48 |
% |
|
6/16/2027 |
|
|
$ |
|
590 |
|
|
|
574 |
|
|
|
513 |
|
|
|
|
||
TecoStar Holdings, Inc. (15)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
|
8.50 |
% |
|
|
12.91 |
% |
|
11/1/2024 |
|
|
$ |
|
9,472 |
|
|
|
9,390 |
|
|
|
8,264 |
|
|
|
|
||
Healthcare & Pharmaceuticals Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
101,609 |
|
|
$ |
98,450 |
|
|
|
8.8 |
% |
|||||
30
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Access (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
5.25 |
% |
|
|
8.68 |
% |
|
6/4/2029 |
|
|
£ |
|
80 |
|
|
|
98 |
|
|
|
97 |
|
|
|
|
Access (3)(6)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SONIA |
|
|
5.25 |
% |
|
|
8.68 |
% |
|
6/4/2029 |
|
|
£ |
|
7,578 |
|
|
|
8,549 |
|
|
|
9,156 |
|
|
|
|
AMI US Holdings Inc. (6)(15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.25 |
% |
|
|
9.63 |
% |
|
4/1/2025 |
|
|
$ |
|
3,856 |
|
|
|
3,822 |
|
|
|
3,856 |
|
|
|
|
Applitools (6)(19)(32) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
|
10.57 |
% |
|
5/25/2029 |
|
|
$ |
|
25,316 |
|
|
|
25,085 |
|
|
|
25,063 |
|
|
|
|
Applitools (2)(3)(5)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
5/25/2028 |
|
|
$ |
|
— |
|
|
|
(31 |
) |
|
|
(34 |
) |
|
|
||
Appriss Holdings, Inc. (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
|
— |
|
|
- |
|
|
|
|
2,136 |
|
|
|
1,606 |
|
|
|
1,470 |
|
|
|
||
Appriss Holdings, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
7.25 |
% |
|
|
11.54 |
% |
|
5/6/2027 |
|
|
$ |
|
11,264 |
|
|
|
11,084 |
|
|
|
10,926 |
|
|
|
|
Appriss Holdings, Inc. (2)(3)(5)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
5/6/2027 |
|
|
$ |
|
— |
|
|
|
(11 |
) |
|
|
(23 |
) |
|
|
||
AQ Software Corporation (14)(18)(19)(25) |
|
Preferred Equity |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
1 |
|
|
|
1,107 |
|
|
|
1,095 |
|
|
|
|
AQ Software Corporation (14)(18)(19)(25) |
|
Preferred Equity |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
2 |
|
|
|
1,844 |
|
|
|
1,825 |
|
|
|
||
AQ Software Corporation (14)(19)(25) |
|
Preferred Equity |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
1 |
|
|
|
507 |
|
|
|
502 |
|
|
|
||
CB Nike IntermediateCo Ltd (3)(6)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
10/31/2025 |
|
|
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
||
CB Nike IntermediateCo Ltd (6)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
4.75 |
% |
|
|
9.16 |
% |
|
10/31/2025 |
|
|
$ |
|
344 |
|
|
|
340 |
|
|
|
344 |
|
|
|
|
Cloud Technology Solutions (CTS) (6)(14)(19)(25) |
|
Preferred Equity |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
4,408 |
|
|
|
5,360 |
|
|
|
5,326 |
|
|
|
||
Cloud Technology Solutions (CTS) (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
7.50 |
% |
|
|
11.93 |
% |
|
1/3/2030 |
|
|
£ |
|
7,406 |
|
|
|
8,815 |
|
|
|
8,859 |
|
|
|
|
Cloud Technology Solutions (CTS) (2)(3)(5)(6)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
£ |
|
— |
|
|
|
(13 |
) |
|
|
(17 |
) |
|
|
||
Drilling Info Holdings, Inc (18) |
|
First Lien Senior Secured Loan |
|
L |
|
|
4.25 |
% |
|
|
8.63 |
% |
|
7/30/2025 |
|
|
$ |
|
11,149 |
|
|
|
11,133 |
|
|
|
10,759 |
|
|
|
|
Eagle Rock Capital Corporation (14)(18)(19)(25) |
|
Preferred Equity |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
3,345 |
|
|
|
3,345 |
|
|
|
3,575 |
|
|
|
||
Element Buyer, Inc. (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
|
5.50 |
% |
|
|
9.89 |
% |
|
7/19/2025 |
|
|
$ |
|
10,965 |
|
|
|
10,978 |
|
|
|
10,965 |
|
|
|
|
Element Buyer, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
|
9.89 |
% |
|
7/18/2025 |
|
|
$ |
|
36,625 |
|
|
|
36,767 |
|
|
|
36,625 |
|
|
|
|
Element Buyer, Inc. (3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
7/19/2024 |
|
|
$ |
|
— |
|
|
|
(16 |
) |
|
|
— |
|
|
|
||
Eleven Software (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
8.00 |
% |
|
|
11.55 |
% |
|
4/25/2027 |
|
|
$ |
|
7,439 |
|
|
|
7,371 |
|
|
|
7,439 |
|
|
|
|
Eleven Software (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
8.25 |
% |
|
|
12.77 |
% |
|
9/25/2026 |
|
|
$ |
|
149 |
|
|
|
136 |
|
|
|
149 |
|
|
|
|
Eleven Software (14)(19)(25) |
|
Preferred Equity |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
896 |
|
|
|
896 |
|
|
|
946 |
|
|
|
||
Gluware (19)(26) |
|
First Lien Senior Secured Loan |
|
|
|
9.00% (3.50% PIK) |
|
|
|
12.50 |
% |
|
10/15/2025 |
|
|
$ |
|
19,576 |
|
|
|
18,915 |
|
|
|
18,206 |
|
|
|
||
Gluware (14)(19)(25) |
|
Warrants |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
3,328 |
|
|
|
478 |
|
|
|
399 |
|
|
|
||
MRI Software LLC (15) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
|
10.23 |
% |
|
2/10/2026 |
|
|
$ |
|
25,662 |
|
|
|
25,602 |
|
|
|
24,732 |
|
|
|
|
MRI Software LLC (2)(3) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
2/10/2026 |
|
|
$ |
|
— |
|
|
|
53 |
|
|
|
(65 |
) |
|
|
||
NearMap (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.25 |
% |
|
|
11.48 |
% |
|
12/9/2029 |
|
|
$ |
|
39,648 |
|
|
|
38,855 |
|
|
|
38,855 |
|
|
|
|
NearMap (2)(3)(5)(6)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
12/9/2029 |
|
|
$ |
|
— |
|
|
|
(92 |
) |
|
|
(93 |
) |
|
|
||
Revalize, Inc. (14)(19)(25) |
|
Preferred Equity |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
1 |
|
|
|
1,431 |
|
|
|
1,431 |
|
|
|
||
Revalize, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
5.75 |
% |
|
|
10.48 |
% |
|
4/15/2027 |
|
|
$ |
|
5,358 |
|
|
|
5,313 |
|
|
|
5,077 |
|
|
|
|
Revalize, Inc. (18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
5.75 |
% |
|
|
10.46 |
% |
|
4/15/2027 |
|
|
$ |
|
2,009 |
|
|
|
1,993 |
|
|
|
1,904 |
|
|
|
|
Revalize, Inc. (2)(3)(5)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
4/15/2027 |
|
|
$ |
|
— |
|
|
|
(11 |
) |
|
|
(70 |
) |
|
|
||
31
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
|||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Superna Inc. (2)(3)(5)(6)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
— |
|
|
|
— |
|
|
3/6/2028 |
|
$ |
|
— |
|
|
|
(23 |
) |
|
|
(53 |
) |
|
|
|
||
Superna Inc. (2)(3)(5)(6)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
3/6/2028 |
|
$ |
|
— |
|
|
|
(23 |
) |
|
|
(53 |
) |
|
|
|
||
Superna Inc. (6)(15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.50 |
% |
|
|
11.24 |
% |
|
3/6/2028 |
|
$ |
|
14,920 |
|
|
|
14,652 |
|
|
|
14,622 |
|
|
|
|
|
Superna Inc. (6)(14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,463 |
|
|
|
1,463 |
|
|
|
1,429 |
|
|
|
|
||
Swoogo LLC (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
8.00 |
% |
|
|
12.24 |
% |
|
12/9/2026 |
|
$ |
|
2,330 |
|
|
|
2,291 |
|
|
|
2,295 |
|
|
|
|
|
Swoogo LLC (2)(3)(5)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
12/9/2026 |
|
$ |
|
— |
|
|
|
(20 |
) |
|
|
(19 |
) |
|
|
|
||
Utimaco (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.00 |
% |
|
|
7.95 |
% |
|
5/13/2029 |
|
€ |
|
92 |
|
|
|
98 |
|
|
|
99 |
|
|
|
|
|
Utimaco (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.00 |
% |
|
|
10.06 |
% |
|
5/13/2029 |
|
$ |
|
128 |
|
|
|
127 |
|
|
|
128 |
|
|
|
|
|
Utimaco (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.00 |
% |
|
|
10.06 |
% |
|
5/13/2029 |
|
$ |
|
262 |
|
|
|
259 |
|
|
|
262 |
|
|
|
|
|
Utimaco (6)(14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
147 |
|
|
|
2,123 |
|
|
|
2,203 |
|
|
|
|
||
Utimaco (6)(14)(19)(25) |
|
Preferred Equity |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
147 |
|
|
|
2,123 |
|
|
|
2,203 |
|
|
|
|
||
Ventiv Holdco, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.50 |
% |
|
|
10.18 |
% |
|
9/3/2025 |
|
$ |
|
13,771 |
|
|
|
13,668 |
|
|
|
13,530 |
|
|
|
|
|
Ventiv Holdco, Inc. (2)(3)(5)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
9/3/2025 |
|
$ |
|
— |
|
|
|
(21 |
) |
|
|
(30 |
) |
|
|
|
||
Ventiv Topco, Inc. (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
28 |
|
|
|
2,833 |
|
|
|
2,230 |
|
|
|
|
||
VPARK BIDCO AB (6)(16)(19) |
|
First Lien Senior Secured Loan |
|
CIBOR |
|
|
4.00 |
% |
|
|
6.03 |
% |
|
3/10/2025 |
|
DKK |
|
570 |
|
|
|
92 |
|
|
|
82 |
|
|
|
|
|
VPARK BIDCO AB (6)(16)(19) |
|
First Lien Senior Secured Loan |
|
NIBOR |
|
|
4.00 |
% |
|
|
7.12 |
% |
|
3/10/2025 |
|
NOK |
|
740 |
|
|
|
93 |
|
|
|
76 |
|
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
271,044 |
|
|
$ |
268,283 |
|
|
|
24.0 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Hospitality Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
PPX (14)(19)(25) |
|
Preferred Equity |
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
33 |
|
|
|
— |
|
|
|
201 |
|
|
|
|
|||
PPX (14)(19)(25) |
|
Preferred Equity |
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
33 |
|
|
|
5,000 |
|
|
|
5,836 |
|
|
|
|
|||
Hospitality Holdings Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,000 |
|
|
$ |
6,037 |
|
|
|
0.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Hotel, Gaming & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Aimbridge Acquisition Co., Inc. (18)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
|
7.50 |
% |
|
|
11.62 |
% |
|
2/1/2027 |
|
$ |
|
14,193 |
|
|
|
13,917 |
|
|
|
13,483 |
|
|
|
|
|
Concert Golf Partners Holdco (16)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
|
10.28 |
% |
|
3/30/2029 |
|
$ |
|
6,816 |
|
|
|
6,690 |
|
|
|
6,816 |
|
|
|
|
|
Concert Golf Partners Holdco LLC (3)(16)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
5.75 |
% |
|
|
10.28 |
% |
|
4/2/2029 |
|
$ |
|
1,852 |
|
|
|
1,777 |
|
|
|
1,852 |
|
|
|
|
|
Concert Golf Partners Holdco LLC (3)(5)(16)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
3/31/2028 |
|
$ |
|
— |
|
|
|
(44 |
) |
|
|
— |
|
|
|
|
||
Saltoun (19)(29) |
|
First Lien Senior Secured Loan |
|
|
|
|
11.00 |
% |
|
|
11.00 |
% |
|
4/11/2028 |
|
$ |
|
4,714 |
|
|
|
4,714 |
|
|
|
4,573 |
|
|
|
|
|
Saltoun (3)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
|
10.50 |
% |
|
|
10.50 |
% |
|
4/11/2028 |
|
$ |
|
1,352 |
|
|
|
1,352 |
|
|
|
881 |
|
|
|
|
|
Hotel, Gaming & Leisure Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
28,406 |
|
|
$ |
27,605 |
|
|
|
2.5 |
% |
||||
32
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
|||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Advertising, Printing & Publishing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Ansira Holdings, Inc. (7)(14)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.50 |
% |
|
|
10.91 |
% |
|
12/20/2024 |
|
$ |
|
42,836 |
|
|
|
40,675 |
|
|
|
20,989 |
|
|
|
|
|
Ansira Holdings, Inc. (7)(14)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
|
6.50 |
% |
|
|
11.23 |
% |
|
12/20/2024 |
|
$ |
|
5,134 |
|
|
|
5,017 |
|
|
|
2,516 |
|
|
|
|
|
Ansira Holdings, Inc. (3)(7)(14)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
|
5.75 |
% |
|
|
8.79 |
% |
|
12/20/2024 |
|
$ |
|
5,383 |
|
|
|
5,099 |
|
|
|
1,771 |
|
|
|
|
|
Ansira Holdings, Inc. (3)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
— |
|
|
|
— |
|
|
12/20/2024 |
|
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
TGI Sport Bidco Pty Ltd (6)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
|
7.00 |
% |
|
|
11.39 |
% |
|
4/30/2026 |
|
AUD |
|
4,166 |
|
|
|
2,851 |
|
|
|
2,851 |
|
|
|
|
|
TGI Sport Bidco Pty Ltd (6)(17)(19) |
|
First Lien Senior Secured Loan |
|
BBSY |
|
|
7.00 |
% |
|
|
10.07 |
% |
|
4/30/2026 |
|
AUD |
|
97 |
|
|
|
75 |
|
|
|
66 |
|
|
|
|
|
Media: Advertising, Printing & Publishing Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
53,717 |
|
|
$ |
28,193 |
|
|
|
2.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Broadcasting & Subscription |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lightning Finco Limited (6)(16)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
|
10.23 |
% |
|
8/31/2028 |
|
$ |
|
1,443 |
|
|
|
1,431 |
|
|
|
1,443 |
|
|
|
|
|
Lightning Finco Limited (6)(16)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.50 |
% |
|
|
7.45 |
% |
|
8/31/2028 |
|
€ |
|
1,300 |
|
|
|
1,418 |
|
|
|
1,392 |
|
|
|
|
|
Media: Broadcasting & Subscription Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,849 |
|
|
$ |
2,835 |
|
|
|
0.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Diversified & Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
9 Story Media Group Inc. (3)(5)(6)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
— |
|
|
|
— |
|
|
4/30/2026 |
|
CAD |
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
|
|
9 Story Media Group Inc. (6)(16)(19) |
|
First Lien Senior Secured Loan |
|
CDOR |
|
|
5.25 |
% |
|
|
9.98 |
% |
|
4/30/2026 |
|
CAD |
|
1,292 |
|
|
|
1,001 |
|
|
|
953 |
|
|
|
|
|
9 Story Media Group Inc. (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.25 |
% |
|
|
7.20 |
% |
|
4/30/2026 |
|
€ |
|
585 |
|
|
|
619 |
|
|
|
626 |
|
|
|
|
|
Aptus 1724 Gmbh (6)(19)(21) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.25 |
% |
|
|
10.97 |
% |
|
2/23/2028 |
|
$ |
|
4,971 |
|
|
|
4,971 |
|
|
|
4,909 |
|
|
|
|
|
Efficient Collaborative Retail Marketing Company, LLC (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.75 |
% |
|
|
11.13 |
% |
|
6/30/2024 |
|
$ |
|
14,961 |
|
|
|
14,961 |
|
|
|
12,717 |
|
|
|
|
|
Efficient Collaborative Retail Marketing Company, LLC (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.75 |
% |
|
|
11.13 |
% |
|
6/30/2024 |
|
$ |
|
9,711 |
|
|
|
9,736 |
|
|
|
8,254 |
|
|
|
|
|
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
|
5.25 |
% |
|
|
9.99 |
% |
|
6/30/2024 |
|
$ |
|
1,275 |
|
|
|
1,275 |
|
|
|
1,275 |
|
|
|
|
|
International Entertainment Investments Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
4.75 |
% |
|
|
7.71 |
% |
|
11/30/2025 |
|
£ |
|
87 |
|
|
|
107 |
|
|
|
106 |
|
|
|
|
|
Music Creation Group Bidco GmbH (6)(19)(21) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.25 |
% |
|
|
10.97 |
% |
|
2/23/2028 |
|
$ |
|
4,065 |
|
|
|
3,977 |
|
|
|
4,014 |
|
|
|
|
|
Media: Diversified & Production Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
36,646 |
|
|
$ |
32,854 |
|
|
|
2.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Publishing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
OGH Bidco Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
6.25 |
% |
|
|
7.44 |
% |
|
6/29/2029 |
|
£ |
|
139 |
|
|
|
164 |
|
|
|
168 |
|
|
|
|
|
OGH Bidco Limited (3)(5)(6)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
|
— |
|
|
|
— |
|
|
6/29/2029 |
|
£ |
|
— |
|
|
|
(68 |
) |
|
|
— |
|
|
|
|
|
Media: Publishing Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
96 |
|
|
$ |
168 |
|
|
|
0.0 |
% |
||||
33
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
|||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Batteries Plus Holding Corporation (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.75 |
% |
|
|
11.13 |
% |
|
6/30/2023 |
|
$ |
|
18,172 |
|
|
|
18,172 |
|
|
|
18,172 |
|
|
|
|
|
Batteries Plus Holding Corporation (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
P |
|
|
5.75 |
% |
|
|
11.13 |
% |
|
6/30/2023 |
|
$ |
|
916 |
|
|
|
915 |
|
|
|
916 |
|
|
|
|
|
New Look (Delaware) Corporation (6)(15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
|
10.23 |
% |
|
5/26/2028 |
|
$ |
|
9,653 |
|
|
|
9,568 |
|
|
|
9,266 |
|
|
|
|
|
New Look (Delaware) Corporation (3)(6)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
CDOR |
|
|
5.50 |
% |
|
|
10.38 |
% |
|
5/26/2028 |
|
$ |
|
385 |
|
|
|
376 |
|
|
|
292 |
|
|
|
|
|
New Look Vision Group (6)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
CDOR |
|
|
5.50 |
% |
|
|
10.38 |
% |
|
5/26/2028 |
|
CAD |
|
55 |
|
|
|
44 |
|
|
|
39 |
|
|
|
|
|
New Look Vision Group (3)(6)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
CDOR |
|
|
5.50 |
% |
|
|
10.38 |
% |
|
5/26/2028 |
|
CAD |
|
29 |
|
|
|
22 |
|
|
|
18 |
|
|
|
|
|
New Look Vision Group (3)(6)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
CDOR |
|
|
5.50 |
% |
|
|
10.38 |
% |
|
5/26/2026 |
|
CAD |
|
1,688 |
|
|
|
1,250 |
|
|
|
1,173 |
|
|
|
|
|
Thrasio, LLC (15)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
7.00 |
% |
|
|
11.17 |
% |
|
12/18/2026 |
|
$ |
|
8,485 |
|
|
|
8,308 |
|
|
|
7,519 |
|
|
|
|
|
Walker Edison (7)(14)(15)(19)(26)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
5.75% (3.00% PIK) |
|
|
|
13.48 |
% |
|
8/5/2027 |
|
$ |
|
21,019 |
|
|
|
20,685 |
|
|
|
13,084 |
|
|
|
|
||
Retail Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
59,340 |
|
|
$ |
50,479 |
|
|
|
4.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ACAMS (14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
3,337 |
|
|
|
3,337 |
|
|
|
3,859 |
|
|
|
|
|
AMCP Clean Acquisition Company, LLC (18) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.35 |
% |
|
|
8.67 |
% |
|
7/10/2025 |
|
$ |
|
16,254 |
|
|
|
16,141 |
|
|
|
13,491 |
|
|
|
|
|
AMCP Clean Acquisition Company, LLC (18) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
4.35 |
% |
|
|
8.67 |
% |
|
7/10/2025 |
|
$ |
|
3,934 |
|
|
|
3,906 |
|
|
|
3,265 |
|
|
|
|
|
Avalon Acquiror, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
|
10.83 |
% |
|
3/10/2028 |
|
$ |
|
24,598 |
|
|
|
24,376 |
|
|
|
24,352 |
|
|
|
|
|
Avalon Acquiror, Inc. (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
6.25 |
% |
|
|
10.74 |
% |
|
3/10/2028 |
|
$ |
|
1,050 |
|
|
|
886 |
|
|
|
966 |
|
|
|
|
|
Brook Bidco (6)(18)(19)(26) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
3.00% (4.25% PIK) |
|
|
|
10.16 |
% |
|
7/7/2028 |
|
£ |
|
717 |
|
|
|
976 |
|
|
|
867 |
|
|
|
|
||
Brook Bidco (6)(14)(19)(25) |
|
Preferred Equity |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
5,675 |
|
|
|
7,783 |
|
|
|
7,136 |
|
|
|
|
|
Caribou Bidco Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
6.00 |
% |
|
|
7.19 |
% |
|
1/29/2029 |
|
£ |
|
8,070 |
|
|
|
10,801 |
|
|
|
9,751 |
|
|
|
|
|
Caribou Bidco Limited (3)(6)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SONIA |
|
|
6.00 |
% |
|
|
7.19 |
% |
|
1/29/2029 |
|
£ |
|
16 |
|
|
|
20 |
|
|
|
19 |
|
|
|
|
|
Chamber Bidco Limited (6)(17)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
|
9.28 |
% |
|
6/7/2028 |
|
$ |
|
237 |
|
|
|
235 |
|
|
|
237 |
|
|
|
|
|
Darcy Partners (19)(32) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.75 |
% |
|
|
12.44 |
% |
|
6/1/2028 |
|
$ |
|
1,526 |
|
|
|
1,511 |
|
|
|
1,526 |
|
|
|
|
|
Darcy Partners (19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
359 |
|
|
|
359 |
|
|
|
434 |
|
|
|
|
|
Darcy Partners (3)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
— |
|
|
|
— |
|
|
6/1/2028 |
|
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Elevator Holdco Inc. (14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
2 |
|
|
|
2,448 |
|
|
|
3,241 |
|
|
|
|
|
iBanFirst (6)(19)(26) |
|
First Lien Senior Secured Loan |
|
|
|
10.00% PIK |
|
|
|
10.00 |
% |
|
7/13/2028 |
|
€ |
|
2,820 |
|
|
|
2,889 |
|
|
|
3,019 |
|
|
|
|
||
iBanFirst (6)(19)(26) |
|
First Lien Senior Secured Loan |
|
|
|
10.00% PIK |
|
|
|
10.00 |
% |
|
7/13/2028 |
|
€ |
|
80 |
|
|
|
83 |
|
|
|
85 |
|
|
|
|
||
iBanFirst (6)(19)(26) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
8.50% PIK |
|
|
|
10.04 |
% |
|
7/13/2028 |
|
€ |
|
3,000 |
|
|
|
3,018 |
|
|
|
3,212 |
|
|
|
|
||
iBanFirst Facility (6)(14)(19)(25) |
|
Preferred Equity |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
7,112 |
|
|
|
8,136 |
|
|
|
12,463 |
|
|
|
|
|
Learning Pool (6)(16)(19)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
7.25% PIK |
|
|
|
10.56 |
% |
|
7/7/2028 |
|
£ |
|
284 |
|
|
|
366 |
|
|
|
343 |
|
|
|
|
||
Learning Pool (6)(16)(19)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
7.25% PIK |
|
|
|
10.56 |
% |
|
7/7/2028 |
|
£ |
|
102 |
|
|
|
131 |
|
|
|
123 |
|
|
|
|
||
masLabor (19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
345 |
|
|
|
345 |
|
|
|
968 |
|
|
|
|
|
masLabor (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
P |
|
|
6.50 |
% |
|
|
13.50 |
% |
|
7/1/2027 |
|
$ |
|
689 |
|
|
|
672 |
|
|
|
689 |
|
|
|
|
|
masLabor (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
7.50 |
% |
|
|
11.24 |
% |
|
7/1/2027 |
|
$ |
|
8,492 |
|
|
|
8,275 |
|
|
|
8,492 |
|
|
|
|
|
34
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
|||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Business Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Opus2 (6)(14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
2,272 |
|
|
|
2,900 |
|
|
|
2,958 |
|
|
|
|
|
Opus2 (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
5.00 |
% |
|
|
7.96 |
% |
|
5/5/2028 |
|
£ |
|
123 |
|
|
|
167 |
|
|
|
148 |
|
|
|
|
|
Parcel2Go (3)(6)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SONIA |
|
|
6.00 |
% |
|
|
8.93 |
% |
|
7/15/2028 |
|
£ |
|
39 |
|
|
|
50 |
|
|
|
45 |
|
|
|
|
|
Parcel2Go (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
6.00 |
% |
|
|
9.43 |
% |
|
7/15/2028 |
|
£ |
|
125 |
|
|
|
169 |
|
|
|
147 |
|
|
|
|
|
Parcel2Go (6)(14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
3,605 |
|
|
|
4,237 |
|
|
|
3,247 |
|
|
|
|
|
Refine Intermediate, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
4.50 |
% |
|
|
9.23 |
% |
|
3/3/2027 |
|
$ |
|
1,094 |
|
|
|
1,077 |
|
|
|
1,094 |
|
|
|
|
|
Refine Intermediate, Inc. (3)(5)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
— |
|
|
|
— |
|
|
9/3/2026 |
|
$ |
|
— |
|
|
|
(76 |
) |
|
|
— |
|
|
|
|
|
Smartronix (2)(3)(5)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
— |
|
|
|
— |
|
|
11/23/2027 |
|
$ |
|
— |
|
|
|
(106 |
) |
|
|
(158 |
) |
|
|
|
|
Smartronix (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.00 |
% |
|
|
10.17 |
% |
|
11/23/2028 |
|
$ |
|
12,636 |
|
|
|
12,419 |
|
|
|
12,320 |
|
|
|
|
|
Spring Finco BV (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
NIBOR |
|
|
6.00 |
% |
|
|
9.08 |
% |
|
7/15/2029 |
|
NOK |
|
503 |
|
|
|
51 |
|
|
|
51 |
|
|
|
|
|
Spring Finco BV (3)(6)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
|
|
|
|
— |
|
|
7/15/2029 |
|
NOK |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
SumUp Holdings Luxembourg S.à.r.l. (6)(19)(32) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
8.50 |
% |
|
|
10.48 |
% |
|
2/17/2026 |
|
€ |
|
6,650 |
|
|
|
7,951 |
|
|
|
7,119 |
|
|
|
|
|
SumUp Holdings Luxembourg S.à.r.l. (6)(19)(32) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
8.50 |
% |
|
|
10.48 |
% |
|
2/17/2026 |
|
€ |
|
155 |
|
|
|
180 |
|
|
|
166 |
|
|
|
|
|
TEI Holdings Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
|
10.48 |
% |
|
12/23/2026 |
|
$ |
|
36,044 |
|
|
|
35,902 |
|
|
|
36,044 |
|
|
|
|
|
TEI Holdings Inc. (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
|
5.75 |
% |
|
|
10.47 |
% |
|
12/23/2025 |
|
$ |
|
307 |
|
|
|
261 |
|
|
|
307 |
|
|
|
|
|
WCI Gigawatt Purchaser (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
|
5.75 |
% |
|
|
10.48 |
% |
|
11/19/2027 |
|
$ |
|
4,804 |
|
|
|
4,714 |
|
|
|
4,708 |
|
|
|
|
|
WCI Gigawatt Purchaser (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
|
5.75 |
% |
|
|
10.04 |
% |
|
11/19/2027 |
|
$ |
|
965 |
|
|
|
906 |
|
|
|
901 |
|
|
|
|
|
WCI Gigawatt Purchaser (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
|
10.41 |
% |
|
11/19/2027 |
|
$ |
|
1,447 |
|
|
|
1,420 |
|
|
|
1,418 |
|
|
|
|
|
Services: Business Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
168,916 |
|
|
$ |
169,053 |
|
|
|
15.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
MZR Aggregator (14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
1 |
|
|
|
798 |
|
|
|
786 |
|
|
|
|
|
MZR Buyer, LLC (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.75 |
% |
|
|
11.72 |
% |
|
12/21/2026 |
|
$ |
|
16,806 |
|
|
|
16,570 |
|
|
|
16,806 |
|
|
|
|
|
MZR Buyer, LLC (3)(5)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
— |
|
|
|
— |
|
|
12/21/2026 |
|
$ |
|
— |
|
|
|
(69 |
) |
|
|
— |
|
|
|
|
|
Surrey Bidco Limited (6)(7)(14)(17)(19)(26) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
7.00% PIK |
|
|
|
8.97 |
% |
|
5/11/2026 |
|
£ |
|
54 |
|
|
|
67 |
|
|
|
46 |
|
|
|
|
||
Zeppelin BidCo Pty Limited (6)(18)(19) |
|
First Lien Senior Secured Loan |
|
BBSY |
|
|
5.00 |
% |
|
|
7.89 |
% |
|
6/28/2024 |
|
AUD |
|
206 |
|
|
|
142 |
|
|
|
140 |
|
|
|
|
|
Services: Consumer Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17,508 |
|
|
$ |
17,778 |
|
|
|
1.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Telecommunications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
DC Blox Inc. (14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
124 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
DC Blox Inc. (14)(19)(25) |
|
Preferred Equity |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
3,822 |
|
|
|
3,851 |
|
|
|
4,548 |
|
|
|
|
|
DC Blox Inc. (3)(15)(19)(26) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
L |
|
2.00% (6.00% PIK) |
|
|
|
11.74 |
% |
|
3/22/2026 |
|
$ |
|
29,262 |
|
|
|
29,046 |
|
|
|
29,262 |
|
|
|
|
||
DC Blox Inc. (14)(19)(25) |
|
Warrants |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
177 |
|
|
|
2 |
|
|
|
— |
|
|
|
|
|
Meriplex Communications, Ltd. (16)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.00 |
% |
|
|
9.42 |
% |
|
7/17/2028 |
|
$ |
|
15,294 |
|
|
|
15,003 |
|
|
|
15,141 |
|
|
|
|
|
Meriplex Communications, Ltd. (3)(16)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
5.00 |
% |
|
|
9.42 |
% |
|
7/17/2028 |
|
$ |
|
3,304 |
|
|
|
3,189 |
|
|
|
3,181 |
|
|
|
|
|
Meriplex Communications, Ltd. (3)(16)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
5.00 |
% |
|
|
9.42 |
% |
|
7/17/2028 |
|
$ |
|
282 |
|
|
|
230 |
|
|
|
254 |
|
|
|
|
|
Telecommunications Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
51,321 |
|
|
$ |
52,386 |
|
|
|
4.7 |
% |
|||
35
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
|||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Transportation: Cargo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
A&R Logistics, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.00 |
% |
|
|
9.71 |
% |
|
5/5/2025 |
|
$ |
|
5,913 |
|
|
|
5,869 |
|
|
|
5,913 |
|
|
|
|
|
A&R Logistics, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.00 |
% |
|
|
9.71 |
% |
|
5/5/2025 |
|
$ |
|
2,399 |
|
|
|
2,375 |
|
|
|
2,398 |
|
|
|
|
|
A&R Logistics, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.00 |
% |
|
|
9.71 |
% |
|
5/5/2025 |
|
$ |
|
31,982 |
|
|
|
31,670 |
|
|
|
31,981 |
|
|
|
|
|
A&R Logistics, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.50 |
% |
|
|
10.21 |
% |
|
5/5/2025 |
|
$ |
|
2,688 |
|
|
|
2,673 |
|
|
|
2,688 |
|
|
|
|
|
A&R Logistics, Inc. (3)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
6.00 |
% |
|
|
9.99 |
% |
|
5/5/2025 |
|
$ |
|
361 |
|
|
|
255 |
|
|
|
361 |
|
|
|
|
|
ARL Holdings, LLC (14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
445 |
|
|
|
635 |
|
|
|
|
|
ARL Holdings, LLC (14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
9 |
|
|
|
9 |
|
|
|
1,045 |
|
|
|
|
|
Grammer Investment Holdings LLC (14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,011 |
|
|
|
1,011 |
|
|
|
1,045 |
|
|
|
|
|
Grammer Investment Holdings LLC (14)(19)(25) |
|
Warrants |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
122 |
|
|
|
— |
|
|
|
125 |
|
|
|
|
|
Grammer Investment Holdings LLC (19)(25) |
|
Preferred Equity |
|
|
|
|
10.00 |
% |
|
|
10.00 |
% |
|
— |
|
|
|
9 |
|
|
|
791 |
|
|
|
916 |
|
|
|
|
|
Grammer Purchaser, Inc. (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
4.50 |
% |
|
|
9.72 |
% |
|
9/30/2024 |
|
$ |
|
3,830 |
|
|
|
3,768 |
|
|
|
3,830 |
|
|
|
|
|
Grammer Purchaser, Inc. (3)(15)(19)(29) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
4.50 |
% |
|
|
8.79 |
% |
|
9/30/2024 |
|
$ |
|
516 |
|
|
|
516 |
|
|
|
516 |
|
|
|
|
|
Gulf Winds International (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.00 |
% |
|
|
11.33 |
% |
|
12/16/2028 |
|
$ |
|
26,625 |
|
|
|
25,828 |
|
|
|
25,826 |
|
|
|
|
|
Gulf Winds International (2)(3)(5)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
— |
|
|
|
— |
|
|
12/16/2028 |
|
$ |
|
— |
|
|
|
(158 |
) |
|
|
(159 |
) |
|
|
|
|
Omni Intermediate (3)(5)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
|
— |
|
|
|
— |
|
|
11/23/2026 |
|
$ |
|
— |
|
|
|
(4 |
) |
|
|
— |
|
|
|
|
|
Omni Intermediate (15)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.00 |
% |
|
|
9.73 |
% |
|
11/23/2026 |
|
$ |
|
1,175 |
|
|
|
1,166 |
|
|
|
1,175 |
|
|
|
|
|
Omni Intermediate (3)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
|
|
|
— |
|
|
11/30/2026 |
|
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Omni Logistics, LLC (15)(19) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
|
9.00 |
% |
|
|
13.69 |
% |
|
12/30/2027 |
|
$ |
|
8,770 |
|
|
|
8,686 |
|
|
|
8,771 |
|
|
|
|
|
REP Coinvest III- A Omni, L.P. (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,377 |
|
|
|
1,377 |
|
|
|
3,387 |
|
|
|
|
||
RoadOne (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
|
10.81 |
% |
|
12/29/2028 |
|
$ |
|
19,289 |
|
|
|
18,711 |
|
|
|
18,711 |
|
|
|
|
|
RoadOne (2)(3)(5)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
$ |
|
— |
|
|
|
(85 |
) |
|
|
(85 |
) |
|
|
|
|
RoadOne (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
6.25 |
% |
|
|
10.81 |
% |
|
12/29/2028 |
|
$ |
|
998 |
|
|
|
866 |
|
|
|
866 |
|
|
|
|
|
Transportation: Cargo Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
105,769 |
|
|
$ |
109,945 |
|
|
|
9.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Transportation: Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Toro Private Investments II, L.P. (6)(14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
3,090 |
|
|
|
3,090 |
|
|
|
1,066 |
|
|
|
|
|
Toro Private Investments II, L.P. (18)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
5.00% (1.75% PIK) |
|
|
|
11.48 |
% |
|
5/29/2026 |
|
$ |
|
6,756 |
|
|
|
5,297 |
|
|
|
4,645 |
|
|
|
|
||
Toro Private Investments II, L.P. (15)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
1.50% (7.25% PIK) |
|
|
|
13.48 |
% |
|
2/28/2025 |
|
$ |
|
401 |
|
|
|
399 |
|
|
|
402 |
|
|
|
|
||
Transportation: Consumer Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,786 |
|
|
$ |
6,113 |
|
|
|
0.5 |
% |
|||
36
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
|||||||
Non-Controlled/Non-Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Abracon Group Holding, LLC. (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.90 |
% |
|
|
10.48 |
% |
|
7/6/2028 |
|
$ |
|
11,518 |
|
|
|
11,299 |
|
|
|
11,288 |
|
|
|
|
|
Abracon Group Holding, LLC. (2)(3)(5)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
— |
|
|
|
— |
|
|
7/6/2028 |
|
$ |
|
— |
|
|
|
(37 |
) |
|
|
(40 |
) |
|
|
|
|
Abracon Group Holding, LLC. (2)(3)(5)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
— |
|
|
|
— |
|
|
7/6/2028 |
|
$ |
|
— |
|
|
|
(47 |
) |
|
|
(101 |
) |
|
|
|
||
Aramsco, Inc. (18)(19)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.25 |
% |
|
|
9.63 |
% |
|
8/28/2024 |
|
$ |
|
14,066 |
|
|
|
13,958 |
|
|
|
14,066 |
|
|
|
|
|
Aramsco, Inc. (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
L |
|
|
5.25 |
% |
|
|
9.59 |
% |
|
8/28/2024 |
|
$ |
|
677 |
|
|
|
654 |
|
|
|
677 |
|
|
|
|
|
Armor Group, LP (14)(19)(25) |
|
Equity Interest |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
10 |
|
|
|
1,012 |
|
|
|
1,952 |
|
|
|
|
||
SureWerx (18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.75 |
% |
|
|
11.30 |
% |
|
12/28/2029 |
|
$ |
|
8,365 |
|
|
|
8,156 |
|
|
|
8,198 |
|
|
|
|
|
SureWerx (2)(3)(5)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
|
|
— |
|
|
|
— |
|
|
12/28/2029 |
|
$ |
|
— |
|
|
|
(30 |
) |
|
|
(20 |
) |
|
|
|
||
SureWerx (3)(18)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
— |
|
|
|
— |
|
|
12/28/2028 |
|
$ |
|
134 |
|
|
|
107 |
|
|
|
113 |
|
|
|
|
||
Wholesale Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
35,072 |
|
|
$ |
36,133 |
|
|
|
3.2 |
% |
|||
Non-Controlled/Non-Affiliate Investments Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,846,172 |
|
|
$ |
1,774,947 |
|
|
|
159.0 |
% |
|||
37
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
||||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
||||||||
Non-Controlled/Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Ansett Aviation Training (6)(10)(18)(19) |
|
First Lien Senior Secured Loan |
|
BBSY |
|
|
4.69 |
% |
|
|
8.00 |
% |
|
9/24/2031 |
|
|
AUD |
|
7,072 |
|
|
|
5,308 |
|
|
|
4,818 |
|
|
|
|
||
Ansett Aviation Training (6)(10)(14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
5,119 |
|
|
|
3,842 |
|
|
|
5,310 |
|
|
|
|
|
Aerospace & Defense Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,150 |
|
|
$ |
10,128 |
|
|
|
0.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Beverage, Food & Tobacco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ADT Pizza, LLC (10)(14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
6,720 |
|
|
|
6,721 |
|
|
|
14,581 |
|
|
|
|
|
Beverage, Food & Tobacco Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,721 |
|
|
$ |
14,581 |
|
|
|
1.3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Energy: Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Blackbrush Oil & Gas, L.P. (10)(14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
1,198 |
|
|
|
1 |
|
|
|
— |
|
|
|
|
|
Blackbrush Oil & Gas, L.P. (10)(14)(19)(25) |
|
Preferred Equity |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
38,505 |
|
|
|
11,777 |
|
|
|
30,785 |
|
|
|
|
|
Blackbrush Oil & Gas, L.P. (10)(15)(19)(26)(29) |
|
First Lien Senior Secured Loan |
|
L |
|
5.00% (2.00% PIK) |
|
|
|
10.18 |
% |
|
9/3/2025 |
|
|
$ |
|
9,040 |
|
|
|
9,039 |
|
|
|
9,040 |
|
|
|
|
|||
Energy: Oil & Gas Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
20,817 |
|
|
$ |
39,825 |
|
|
|
3.6 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FIRE: Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
BCC Middle Market CLO 2018-1, LLC (6)(10)(19)(25) |
|
Structured Products |
|
|
|
|
— |
|
|
|
— |
|
|
10/20/2030 |
|
|
$ |
|
25,635 |
|
|
|
24,050 |
|
|
|
22,763 |
|
|
|
|
||
Fire: Finance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
24,050 |
|
|
$ |
22,763 |
|
|
|
2.0 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Transportation: Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Direct Travel, Inc. (10)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
8.50 |
% |
|
|
13.23 |
% |
|
10/2/2025 |
|
|
$ |
|
3,440 |
|
|
|
3,440 |
|
|
|
3,440 |
|
|
|
|
||
Direct Travel, Inc. (10)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
8.50 |
% |
|
|
13.23 |
% |
|
10/2/2025 |
|
|
$ |
|
58,721 |
|
|
|
58,721 |
|
|
|
58,721 |
|
|
|
|
||
Direct Travel, Inc. (10)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
8.50 |
% |
|
|
13.23 |
% |
|
10/2/2025 |
|
|
$ |
|
1,741 |
|
|
|
1,741 |
|
|
|
1,741 |
|
|
|
|
||
Direct Travel, Inc. (10)(18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.50 |
% |
|
|
11.23 |
% |
|
10/2/2025 |
|
|
$ |
|
4,841 |
|
|
|
4,841 |
|
|
|
4,841 |
|
|
|
|
||
Direct Travel, Inc. (10)(18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.00 |
% |
|
|
10.73 |
% |
|
10/2/2025 |
|
|
$ |
|
202 |
|
|
|
202 |
|
|
|
202 |
|
|
|
|
||
Direct Travel, Inc. (3)(10)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
6.00 |
% |
|
|
9.74 |
% |
|
10/2/2025 |
|
|
$ |
|
4,125 |
|
|
|
4,125 |
|
|
|
4,125 |
|
|
|
|
||
Direct Travel, Inc. (10)(14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
68 |
|
|
|
— |
|
|
|
13,033 |
|
|
|
|
||
Transportation: Consumer Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
73,070 |
|
|
$ |
86,103 |
|
|
|
7.7 |
% |
||||
Non-Controlled/Affiliate Investments Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
133,808 |
|
|
$ |
173,400 |
|
|
|
15.5 |
% |
||||
38
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
|
Principal / |
|
|
|
|
|
Market |
|
|
% of |
|
||||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
NAV (4) |
|
||||||||
Controlled Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
BCC Jetstream Holdings Aviation (Off I), LLC (6)(10)(11)(19)(20)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
11,863 |
|
|
|
11,863 |
|
|
|
10,388 |
|
|
|
|
|
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(19)(20) |
|
First Lien Senior Secured Loan |
|
|
|
|
10.00 |
% |
|
|
10.00 |
% |
|
6/2/2023 |
|
|
$ |
|
8,013 |
|
|
|
8,013 |
|
|
|
6,400 |
|
|
|
|
||
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(19)(20)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
1,116 |
|
|
|
1,116 |
|
|
|
— |
|
|
|
|
|
Gale Aviation (Offshore) Co (6)(10)(11)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
90,450 |
|
|
|
90,450 |
|
|
|
91,326 |
|
|
|
|
|
Aerospace & Defense Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
111,442 |
|
|
$ |
108,114 |
|
|
|
9.7 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment Vehicles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Bain Capital Senior Loan Program, LLC (6)(10)(11)(19) |
|
Subordinated Note Investment Vehicles |
|
|
|
|
10.00 |
% |
|
|
10.00 |
% |
|
12/27/2033 |
|
|
$ |
|
50,995 |
|
|
|
50,995 |
|
|
|
50,995 |
|
|
|
|
||
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) |
|
Preferred Equity Interest Investment Vehicles |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
10 |
|
|
|
10 |
|
|
|
(644 |
) |
|
|
|
|
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) |
|
Equity Interest Investment Vehicles |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
10 |
|
|
|
5,594 |
|
|
|
3,347 |
|
|
|
|
|
International Senior Loan Program, LLC (6)(10)(11)(15)(19) |
|
Subordinated Note Investment Vehicles |
|
L |
|
|
8.00 |
% |
|
|
11.74 |
% |
|
2/22/2028 |
|
|
$ |
|
186,979 |
|
|
|
186,979 |
|
|
|
186,979 |
|
|
|
|
||
International Senior Loan Program, LLC (6)(10)(11)(25) |
|
Equity Interest Investment Vehicles |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
62,337 |
|
|
|
59,365 |
|
|
|
62,630 |
|
|
|
|
|
Investment Vehicles Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
302,943 |
|
|
$ |
303,307 |
|
|
|
27.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Transportation: Cargo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
25,264 |
|
|
|
25,573 |
|
|
|
27,209 |
|
|
|
|
|
Transportation: Cargo Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
25,573 |
|
|
$ |
27,209 |
|
|
|
2.4 |
% |
|||||
Controlled Affiliate Investments Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
439,958 |
|
|
$ |
438,630 |
|
|
|
39.3 |
% |
|||||
Investments Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,419,938 |
|
|
$ |
2,386,977 |
|
|
|
213.8 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Goldman Sachs Financial Square Government Fund Institutional Share Class (30) |
|
Cash Equivalents |
|
|
|
|
— |
|
|
|
4.16 |
% |
|
|
— |
|
|
$ |
|
63,394 |
|
|
|
63,394 |
|
|
|
63,394 |
|
|
|
|
|
Cash Equivalents Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
63,394 |
|
|
$ |
63,394 |
|
|
|
5.7 |
% |
||||
Investments and Cash Equivalents Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,483,332 |
|
|
$ |
2,450,371 |
|
|
|
219.5 |
% |
||||
39
Forward Foreign Currency Exchange Contracts
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
Unrealized |
|
||
Currency Purchased |
Currency Sold |
|
Counterparty |
|
Settlement Date |
|
Appreciation(8) |
|
|||
US DOLLARS 291 |
|
EURO 220 |
|
Bank of New York Mellon |
|
1/9/2023 |
|
$ |
|
56 |
|
US DOLLARS 37,234 |
|
POUND STERLING 31,000 |
|
Citibank |
|
1/9/2023 |
|
|
|
(66 |
) |
EURO 4,000 |
|
US DOLLARS 4,023 |
|
Citibank |
|
1/9/2023 |
|
|
|
249 |
|
US DOLLARS 4,122 |
|
EURO 4,000 |
|
Citibank |
|
1/9/2023 |
|
|
|
(150 |
) |
US DOLLARS 11,848 |
|
POUND STERLING 9,890 |
|
Bank of New York Mellon |
|
2/17/2023 |
|
|
|
(65 |
) |
US DOLLARS 7,894 |
|
AUSTRALIAN DOLLARS 11,440 |
|
Bank of New York Mellon |
|
3/3/2023 |
|
|
|
112 |
|
US DOLLARS 10,917 |
|
POUND STERLING 9,440 |
|
Bank of New York Mellon |
|
3/3/2023 |
|
|
|
(458 |
) |
US DOLLARS 1,804 |
|
CANADIAN DOLLAR 2,360 |
|
Bank of New York Mellon |
|
3/3/2023 |
|
|
|
61 |
|
US DOLLARS 41,180 |
|
EURO 40,810 |
|
Bank of New York Mellon |
|
3/3/2023 |
|
|
|
(2,575 |
) |
US DOLLARS 1,777 |
|
POUND STERLING 1,530 |
|
Bank of New York Mellon |
|
3/16/2023 |
|
|
|
(67 |
) |
US DOLLARS 100 |
|
NORWEGIAN KRONE 1,240 |
|
Bank of New York Mellon |
|
7/26/2023 |
|
|
|
11 |
|
US DOLLARS 6,138 |
|
POUND STERLING 5,000 |
|
Bank of New York Mellon |
|
8/4/2023 |
|
|
|
96 |
|
US DOLLARS 448 |
|
AUSTRALIAN DOLLARS 240 |
|
Bank of New York Mellon |
|
8/15/2023 |
|
|
|
285 |
|
US DOLLARS 3,094 |
|
EURO 2,920 |
|
Bank of New York Mellon |
|
11/15/2023 |
|
|
|
(79 |
) |
US DOLLARS 6,092 |
|
POUND STERLING 3,125 |
|
Bank of New York Mellon |
|
11/17/2023 |
|
|
|
2,312 |
|
US DOLLARS 10,773 |
|
EURO 9,890 |
|
Bank of New York Mellon |
|
5/17/2024 |
|
|
|
(47 |
) |
US DOLLARS 11,215 |
|
POUND STERLING 9,000 |
|
Bank of New York Mellon |
|
6/24/2024 |
|
|
|
341 |
|
US DOLLARS 3,143 |
|
EURO 3,000 |
|
Bank of New York Mellon |
|
6/13/2025 |
|
|
|
(168 |
) |
US DOLLARS 2,762 |
|
AUSTRALIAN DOLLARS 3,739 |
|
Bank of New York Mellon |
|
7/28/2025 |
|
|
|
214 |
|
|
|
|
|
|
|
|
|
$ |
|
62 |
|
40
|
|
Acquisition |
Investment |
|
Date |
ACAMS |
|
3/10/2022 |
ADT Pizza, LLC |
|
10/29/2018 |
Ansett Aviation Training |
|
3/24/2022 |
Apollo Intelligence |
|
6/1/2022 |
Appriss Holdings, Inc. |
|
5/3/2021 |
AQ Software Corporation |
|
12/10/2021 |
AQ Software Corporation |
|
4/14/2022 |
AQ Software Corporation |
|
12/29/2022 |
ARL Holdings, LLC |
|
5/3/2019 |
Armor Group, LP |
|
8/28/2018 |
Bain Capital Senior Loan Program, LLC |
|
12/27/2021 |
BCC Jetstream Holdings Aviation (Off I), LLC |
|
6/1/2017 |
BCC Jetstream Holdings Aviation (On II), LLC |
|
6/1/2017 |
BCC Middle Market CLO 2018-1, LLC |
|
2/28/2022 |
Blackbrush Oil & Gas, L.P. |
|
9/3/2020 |
Brook Bidco |
|
7/8/2021 |
CB Titan Holdings, Inc. |
|
5/1/2017 |
Marlin-Cobalt Aggregator, L.P. |
|
12/15/2022 |
Darcy Partners |
|
6/1/2022 |
BCC BCSF DCB Blocker LP Interest |
|
5/16/2022 |
DC Blox Inc. |
|
3/22/2021 |
DC Blox Inc. |
|
3/23/2021 |
Direct Travel, Inc. |
|
10/2/2020 |
Eagle Rock Capital Corporation |
|
12/9/2021 |
East BCC Coinvest II, LLC |
|
7/23/2019 |
Elevator Holdco Inc. |
|
12/23/2019 |
Eleven Software |
|
4/25/2022 |
Elk Parent Holdings, LP |
|
11/1/2019 |
FCG Acquisitions, Inc. |
|
1/24/2019 |
Fineline Technologies, Inc. |
|
2/22/2021 |
41
|
|
Acquisition |
Investment |
|
Date |
Gale Aviation (Offshore) Co |
|
1/2/2019 |
Gluware |
|
10/15/2021 |
Grammer Investment Holdings LLC |
|
10/1/2018 |
iBanFirst Facility |
|
7/13/2021 |
Insigneo Financial Group LLC |
|
8/1/2022 |
Insigneo Financial Group LLC |
|
8/1/2022 |
International Senior Loan Program, LLC |
|
2/22/2021 |
Kellstrom Aerospace Group, Inc |
|
7/1/2019 |
Lightning Holdings B, LLC |
|
1/2/2020 |
masLabor |
|
7/1/2021 |
MZR Aggregator |
|
12/22/2020 |
NPC International, Inc. |
|
4/1/2021 |
Opus2 |
|
6/16/2021 |
Parcel2Go |
|
7/15/2021 |
PPX |
|
7/29/2021 |
Precision Ultimate Holdings, LLC |
|
11/6/2019 |
REP Coinvest III- A Omni, L.P. |
|
2/5/2021 |
Robinson Helicopter |
|
6/30/2022 |
Service Master |
|
8/16/2021 |
Superna Inc. |
|
3/8/2022 |
Titan Cloud Software, Inc |
|
11/4/2022 |
TLC Holdco LP |
|
10/11/2019 |
Toro Private Investments II, L.P. |
|
4/2/2019 |
Utimaco |
|
6/28/2022 |
Ventiv Topco, Inc. |
|
9/3/2019 |
WSP LP Interest |
|
8/31/2021 |
See Notes to Consolidated Financial Statements
42
BAIN CAPITAL SPECIALTY FINANCE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(in thousands, except share and per share data)
Note 1. Organization
Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”) was formed on October 5, 2015 and commenced investment operations on October 13, 2016. The Company has elected to be treated and is regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes the Company has elected to be treated and intends to operate in a manner so as to continuously qualify as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by BCSF Advisors, LP (the “Advisor” or “BCSF Advisors”), our investment adviser that is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Advisor also provides the administrative services necessary for the Company to operate (in such capacity, the “Administrator” or “BCSF Advisors”).
On November 19, 2018, the Company closed its initial public offering (the “IPO”), which was a Qualified IPO, issuing 7,500,000 shares of its common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018.
The Company’s primary focus is capitalizing on opportunities within its Advisor’s Senior Direct Lending Strategy, which seeks to provide risk-adjusted returns and current income to its stockholders by investing primarily in middle-market companies with between $10.0 million and $150.0 million in EBITDA. The Company focuses on senior investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender. The Company generally seeks to retain voting control in respect of the loans or particular classes of securities in which the Company invests through maintaining affirmative voting positions or negotiating consent rights that allow the Company to retain a blocking position. The Company may also invest in mezzanine debt and other junior securities and in secondary purchases of assets or portfolios, as described below. Investments are likely to include, among other things, (i) senior first lien, stretch senior, senior second lien, unitranche, (ii) mezzanine debt and other junior investments and (iii) secondary purchases of assets or portfolios that primarily consist of middle-market corporate debt. The Company may also invest, from time to time, in equity securities, distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities.
Our operations comprise only a single reportable segment.
Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company’s consolidated financial statements and related financial information have been prepared pursuant to the requirements for reporting on Form 10‑Q and Regulation S-X. These consolidated financial statements reflect adjustments that in the opinion of the Company are necessary for the fair statement of the financial position and results of operations for the periods presented herein and are not necessarily indicative of the full fiscal year. The Company has determined it meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies. The functional currency of the Company is U.S. dollars and these consolidated financial statements have been prepared in that currency. Certain prior period information has been reclassified to conform to the current period presentation and this had no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.
The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022.
43
Basis of Consolidation
The Company will generally consolidate any wholly, or substantially, owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Company’s investment operations and to facilitate the execution of the Company’s investment strategy. Accordingly, the Company consolidated the results of its subsidiaries BCSF I, BCSF II C, BCSF CFSH, LLC, BCSF CFS, LLC and BCC Middle Market CLO 2019‑1, LLC in its consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. Since the Company is an investment company, portfolio investments held by the Company are not consolidated into the consolidated financial statements. The portfolio investments held by the Company (including its investments held by consolidated subsidiaries) are included on the consolidated statements of assets and liabilities as investments at fair value.
Use of Estimates
The preparation of the consolidated financial statements in conformity with US GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.
Valuation of Portfolio Investments
The Advisor shall value the investments owned by the Company, subject at all times to the oversight of the Board. The Advisor shall follow its own written valuation policies and procedures as approved by the Board when determining valuations. A short summary of the Advisor’s valuation policies is below.
Investments for which market quotations are readily available are typically valued at such market quotations. Pursuant to Rule 2a-5 under the 1940 Act, the Board designates the Advisor as Valuation Designee to perform fair value determinations for the Company for investments that do not have readily available market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at a price that reflects such security’s fair value.
With respect to unquoted portfolio investments, the Company will value each investment considering, among other measures, discounted cash flow models, comparable company multiple models, comparisons of financial ratios of peer companies that are public, and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Company will use the pricing indicated by the external event to corroborate and/or assist us in our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.
With respect to investments for which market quotations are not readily available, in particular, illiquid/hard to value assets, the Advisor will typically undertake a multi-step valuation process, which includes among other things, the below:
44
In following this approach, the types of factors that are taken into account in the fair value pricing of investments include, as relevant, but are not limited to: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company’s ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. In cases where an independent valuation firm provides fair valuations for investments, the independent valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their conclusion.
The Company applies ASC Topic 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value in accordance with US GAAP and required disclosures of fair value measurements. The fair value of a financial instrument is the amount that would be received in an orderly transaction between market participants at the measurement date. The Company determines the fair value of investments consistent with its valuation policy. The Company discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:
A financial instrument’s level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuations of Level 2 investments are generally based on quotations received from pricing services, dealers or brokers. Consideration is given to the source and nature of the quotations and the relationship of recent market activity to the quotations provided.
Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Company evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Company considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment.
The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of investments may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.
45
Securities Transactions, Revenue Recognition and Expenses
The Company records its investment transactions on a trade date basis. The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specified identification method. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium to par value on investments acquired are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Commitment fees are recorded on an accrual basis and recognized as interest income. Loan origination fees, original issue discount and market discount or premium are capitalized and amortized against or accreted into interest income using the effective interest method or straight-line method, as applicable. For the Company’s investments in revolving bank loans, the cost basis of the investment purchased is adjusted for the cash received for the discount on the total balance committed. The fair value is also adjusted for price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative value until it is offset by the future amounts called and funded. Upon prepayment of a loan or debt security, any prepayment premium, unamortized upfront loan origination fees and unamortized discount are recorded as interest income.
Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.
Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Accrued PIK interest or dividends are generally reversed through interest or dividend income, respectively, when an investment is placed on non-accrual status.
Certain structuring fees and amendment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered.
Expenses are recorded on an accrual basis.
Non-Accrual Loans
Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of June 30, 2023, there were four loans from two issuers on non-accrual. As of December 31, 2022, there were five loans from three issuers placed on non-accrual status.
Distributions
Distributions to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter, and is generally based upon the earnings estimated by the Advisor. Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with US GAAP. The Company may pay distributions to its stockholders in a year in excess of its investment company taxable income and net capital gain for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. This excess generally would be a tax-free return of capital in the period and generally would reduce the stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent; they are charged or credited to paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain investments and the tax characterization of income and non-deductible expenses.
46
The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and incur applicable U.S. federal excise tax and pay a 4% tax on such income, as required. To the extent that we determine that our estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three months ended June 30, 2023 and 2022 we recorded an expense of $0.8 million and $0.0 million, respectively for U.S. federal excise tax. For the six months ended June 30, 2023 and 2022 we recorded an expense of $1.3 million and $0.0 million, respectively for U.S. federal excise tax.
The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.
The Company distributes net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to stockholders.
Dividend Reinvestment Plan
The Company has adopted a dividend reinvestment plan that provides for the reinvestment of cash dividends and distributions. Stockholders who do not “opt out” of the Company’s dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving cash dividends and distributions.
Offering Costs
Offering costs consist primarily of fees and expenses incurred in connection with the offering of shares, legal, printing and other costs associated with the preparation and filing of applicable registration statements. To the extent such expenses relate to equity offerings, these expenses are charged as a reduction of paid-in-capital upon each such offering.
Cash, Restricted Cash, and Cash Equivalents
Cash and cash equivalents consist of deposits held at custodian banks, and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost or amortized cost, which approximates fair value. The Company may deposit its cash and cash equivalents in financial institutions and, at certain times, such balances may exceed the Federal Deposit Insurance Corporation insurance limits. Cash equivalents are presented separately on the consolidated schedules of investments. Restricted cash is collected and held by the trustee who has been appointed as custodian of the assets securing certain of the Company’s financing transactions.
Foreign Currency Translation
The accounting records of the Company are maintained in U.S. dollars. The fair values of foreign securities, foreign cash and other assets and liabilities denominated in foreign currency are translated to U.S. dollars based on the current exchange rates at the end of each business day. Income and expenses denominated in foreign currencies are translated at current exchange rates when accrued or incurred. Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized appreciation on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the consolidated statements of operations. The portion of both realized and unrealized gains and losses on investments that result from changes in foreign currency exchange rates is not separately disclosed, but is included in net realized gain (loss) on investments and net change in unrealized appreciation on investments, respectively, on the consolidated statements of operations.
47
Forward Currency Exchange Contracts
The Company may enter into forward currency exchange contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. A forward currency exchange contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The Company does not utilize hedge accounting and as such the Company recognizes the value of its derivatives at fair value on the consolidated statements of assets and liabilities with changes in the net unrealized appreciation on forward currency exchange contracts recorded on the consolidated statements of operations. Forward currency exchange contracts are valued using the prevailing forward currency exchange rate of the underlying currencies. Unrealized appreciation on forward currency exchange contracts are recorded on the consolidated statements of assets and liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Cash collateral maintained in accounts held by counterparties is included in collateral on forward currency exchange contracts on the consolidated statements of assets and liabilities. Notional amounts and the gross fair value of forward currency exchange contracts assets and liabilities are presented separately on the consolidated schedules of investments.
Changes in net unrealized appreciation are recorded on the consolidated statements of operations in net change in unrealized appreciation on forward currency exchange contracts. Net realized gains and losses are recorded on the consolidated statements of operations in net realized gain (loss) on forward currency exchange contracts. Realized gains and losses on forward currency exchange contracts are determined using the difference between the fair market value of the forward currency exchange contract at the time it was opened and the fair market value at the time it was closed or covered. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms.
Deferred Financing Costs and Debt Issuance Costs
The Company records costs related to issuance of revolving debt obligations as deferred financing costs. These costs are deferred and amortized using the straight-line method over the stated maturity life of the obligation. The Company records costs related to the issuance of term debt obligations as debt issuance costs. These costs are deferred and amortized using the effective interest method. These costs are presented as a reduction to the outstanding principal amount of the term debt obligations on the consolidated statements of assets and liabilities. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC Topic 470‑50, Modification and Extinguishments. For modifications to or exchanges of our revolving debt obligations, any unamortized deferred financing costs related to lenders who are not part of the new lending group are expensed. For extinguishments of our term debt obligations, any unamortized debt issuance costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.
Income Taxes
The Company has elected to be treated for U.S. federal income tax purposes as a RIC under the Code. So long as the Company maintains its status as a RIC, it will generally not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually as dividends to its stockholders. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.
The Company intends to comply with the applicable provisions of the Code pertaining to RICs and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. Accordingly, no provision for federal income taxes is required in the consolidated financial statements. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through June 30, 2023 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until the Company files our tax return for the tax year ending December 31, 2023. The character of income and gains that the Company distributes is determined in accordance with income tax regulations that may differ from GAAP. BCSF CFSH, LLC, BCSF CFS, LLC, and BCC Middle Market CLO 2019‑1, LLC are disregarded entities for tax purposes and are consolidated with the tax return of the Company.
The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes, if any, are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions, and has concluded that no liability for unrecognized tax benefits related to uncertain tax positions on returns to be filed by the Company for all open tax years should be recorded. The Company identifies its major tax jurisdiction as the United States, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. As of June 30, 2023, the tax years that remain subject to examination are from 2019 forward.
48
Recent Accounting Pronouncements
In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. In December 2022, the FASB issued an ASU, ASU 2022-06, which includes amendments to defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief in Topic 848. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its financial statements.
In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The adoption of ASU 2022-02 did not have a material impact on the consolidated financial statements.
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 are for fiscal years beginning after December 15, 2024 and interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU 2022-03 on its financial statements.
49
Note 3. Investments
The following table shows the composition of the investment portfolio, at amortized cost and fair value as of June 30, 2023 (with corresponding percentage of total portfolio investments):
|
|
As of June 30, 2023 |
|
|
|||||||||||||
|
|
|
Amortized Cost |
|
Percentage of Total Portfolio |
|
|
|
Fair Value |
|
Percentage of Total Portfolio |
|
|
||||
First Lien Senior Secured Loan |
|
$ |
|
1,617,678 |
|
|
67.0 |
|
% |
$ |
|
1,532,422 |
|
|
64.2 |
|
% |
Second Lien Senior Secured Loan |
|
|
|
89,234 |
|
|
3.7 |
|
|
|
|
85,797 |
|
|
3.6 |
|
|
Subordinated Debt |
|
|
|
44,528 |
|
|
1.8 |
|
|
|
|
44,446 |
|
|
1.9 |
|
|
Structured Products |
|
|
|
24,050 |
|
|
1.0 |
|
|
|
|
23,159 |
|
|
1.0 |
|
|
Preferred Equity |
|
|
|
62,497 |
|
|
2.6 |
|
|
|
|
99,650 |
|
|
4.2 |
|
|
Equity Interest |
|
|
|
209,217 |
|
|
8.7 |
|
|
|
|
229,737 |
|
|
9.6 |
|
|
Warrants |
|
|
|
480 |
|
|
0.0 |
|
|
|
|
457 |
|
|
0.0 |
|
|
Subordinated Note Investment Vehicles (1) |
|
|
|
302,974 |
|
|
12.5 |
|
|
|
|
302,974 |
|
|
12.7 |
|
|
Preferred Equity Interest Investment Vehicles (1) |
|
|
|
10 |
|
|
0.0 |
|
|
|
|
(1,080 |
) |
|
0.0 |
|
|
Equity Interest Investment Vehicles (1) |
|
|
|
64,959 |
|
|
2.7 |
|
|
|
|
67,710 |
|
|
2.8 |
|
|
Total |
|
$ |
|
2,415,627 |
|
|
100.0 |
|
% |
$ |
|
2,385,272 |
|
|
100.0 |
|
% |
The following table shows the composition of the investment portfolio, at amortized cost and fair value as of December 31, 2022 (with corresponding percentage of total portfolio investments):
|
|
As of December 31, 2022 |
|
|
||||||||||||||
|
|
Amortized Cost |
|
Percentage of Total Portfolio |
|
|
|
Fair Value |
|
Percentage of Total Portfolio |
|
|
||||||
First Lien Senior Secured Loans |
|
$ |
|
1,703,591 |
|
|
70.4 |
|
% |
|
$ |
|
1,630,877 |
|
|
68.3 |
|
% |
Second Lien Senior Secured Loans |
|
|
|
98,120 |
|
|
4.1 |
|
|
|
|
|
93,950 |
|
|
3.9 |
|
|
Subordinated Debt |
|
|
|
43,752 |
|
|
1.8 |
|
|
|
|
|
43,922 |
|
|
1.8 |
|
|
Structured Products |
|
|
|
24,050 |
|
|
1.0 |
|
|
|
|
|
22,763 |
|
|
1.0 |
|
|
Preferred Equity |
|
|
|
57,106 |
|
|
2.4 |
|
|
|
|
|
80,945 |
|
|
3.4 |
|
|
Equity Interests |
|
|
|
189,896 |
|
|
7.8 |
|
|
|
|
|
210,689 |
|
|
8.8 |
|
|
Warrants |
|
|
|
480 |
|
|
0.0 |
|
|
|
|
|
524 |
|
|
0.0 |
|
|
Subordinated Notes in Investment Vehicles (1) |
|
|
|
237,974 |
|
|
9.8 |
|
|
|
|
|
237,974 |
|
|
10.0 |
|
|
Preferred Equity Interests in Investment Vehicles (1) |
|
|
|
10 |
|
|
0.0 |
|
|
|
|
|
(644 |
) |
|
0.0 |
|
|
Equity Interests in Investment Vehicles (1) |
|
|
|
64,959 |
|
|
2.7 |
|
|
|
|
|
65,977 |
|
|
2.8 |
|
|
Total |
|
$ |
|
2,419,938 |
|
|
100.0 |
|
% |
|
$ |
|
2,386,977 |
|
|
100.0 |
|
% |
50
The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of June 30, 2023 (with corresponding percentage of total portfolio investments):
|
|
As of June 30, 2023 |
|
|
|||||||||||||
|
|
|
Amortized Cost |
|
Percentage of Total Portfolio |
|
|
|
Fair Value |
|
Percentage of Total Portfolio |
|
|
||||
USA |
|
$ |
|
2,069,256 |
|
|
85.7 |
|
% |
$ |
|
2,019,468 |
|
|
84.7 |
|
% |
Cayman Islands |
|
|
|
125,659 |
|
|
5.2 |
|
|
|
|
131,104 |
|
|
5.5 |
|
|
United Kingdom |
|
|
|
66,616 |
|
|
2.8 |
|
|
|
|
66,918 |
|
|
2.8 |
|
|
Belgium |
|
|
|
38,936 |
|
|
1.6 |
|
|
|
|
52,320 |
|
|
2.2 |
|
|
Australia |
|
|
|
29,666 |
|
|
1.2 |
|
|
|
|
32,172 |
|
|
1.3 |
|
|
Germany |
|
|
|
24,665 |
|
|
1.0 |
|
|
|
|
24,683 |
|
|
1.0 |
|
|
Ireland |
|
|
|
19,262 |
|
|
0.8 |
|
|
|
|
19,182 |
|
|
0.8 |
|
|
Luxembourg |
|
|
|
13,973 |
|
|
0.6 |
|
|
|
|
11,921 |
|
|
0.5 |
|
|
Netherlands |
|
|
|
11,857 |
|
|
0.5 |
|
|
|
|
11,690 |
|
|
0.5 |
|
|
Guernsey |
|
|
|
8,006 |
|
|
0.3 |
|
|
|
|
8,604 |
|
|
0.4 |
|
|
Canada |
|
|
|
7,426 |
|
|
0.3 |
|
|
|
|
6,937 |
|
|
0.3 |
|
|
Sweden |
|
|
|
186 |
|
|
0.0 |
|
|
|
|
153 |
|
|
0.0 |
|
|
Israel |
|
|
|
119 |
|
|
0.0 |
|
|
|
|
120 |
|
|
0.0 |
|
|
Total |
|
$ |
|
2,415,627 |
|
|
100.0 |
|
% |
$ |
|
2,385,272 |
|
|
100.0 |
|
% |
The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2022 (with corresponding percentage of total portfolio investments):
|
|
As of December 31, 2022 |
|
|
|||||||||||||
|
|
Amortized Cost |
|
Percentage of Total Portfolio |
|
|
Fair Value |
|
Percentage of Total Portfolio |
|
|
||||||
USA |
|
$ |
|
2,113,220 |
|
|
87.3 |
|
% |
$ |
|
2,076,143 |
|
|
87.0 |
|
% |
Cayman Islands |
|
|
|
116,023 |
|
|
4.8 |
|
|
|
|
118,535 |
|
|
5.0 |
|
|
United Kingdom |
|
|
|
54,510 |
|
|
2.3 |
|
|
|
|
52,633 |
|
|
2.2 |
|
|
Australia |
|
|
|
50,981 |
|
|
2.1 |
|
|
|
|
51,947 |
|
|
2.2 |
|
|
Belgium |
|
|
|
14,126 |
|
|
0.6 |
|
|
|
|
18,779 |
|
|
0.8 |
|
|
Canada |
|
|
|
19,004 |
|
|
0.8 |
|
|
|
|
18,754 |
|
|
0.8 |
|
|
Germany |
|
|
|
17,608 |
|
|
0.7 |
|
|
|
|
17,882 |
|
|
0.7 |
|
|
Ireland |
|
|
|
19,186 |
|
|
0.8 |
|
|
|
|
17,779 |
|
|
0.7 |
|
|
Luxembourg |
|
|
|
8,131 |
|
|
0.3 |
|
|
|
|
7,285 |
|
|
0.3 |
|
|
Guernsey |
|
|
|
6,573 |
|
|
0.3 |
|
|
|
|
6,687 |
|
|
0.3 |
|
|
Israel |
|
|
|
340 |
|
|
0.0 |
|
|
|
|
344 |
|
|
0.0 |
|
|
Sweden |
|
|
|
185 |
|
|
0.0 |
|
|
|
|
158 |
|
|
0.0 |
|
|
Netherlands |
|
|
|
51 |
|
|
0.0 |
|
|
|
|
51 |
|
|
0.0 |
|
|
Total |
|
$ |
|
2,419,938 |
|
|
100.0 |
|
% |
$ |
|
2,386,977 |
|
|
100.0 |
|
% |
51
The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of June 30, 2023 (with corresponding percentage of total portfolio investments):
|
|
As of June 30, 2023 |
|
|
|||||||||||||
|
|
|
Amortized Cost |
|
Percentage of Total Portfolio |
|
|
|
Fair Value |
|
Percentage of Total Portfolio |
|
|
||||
Investment Vehicles (2) |
|
$ |
|
367,943 |
|
|
15.1 |
|
% |
$ |
|
369,604 |
|
|
15.4 |
|
% |
Aerospace & Defense |
|
|
|
342,158 |
|
|
14.2 |
|
|
|
|
328,571 |
|
|
13.7 |
|
|
High Tech Industries |
|
|
|
273,473 |
|
|
11.3 |
|
|
|
|
271,777 |
|
|
11.3 |
|
|
Services: Business |
|
|
|
167,938 |
|
|
7.0 |
|
|
|
|
178,739 |
|
|
7.5 |
|
|
Consumer Goods: Non-Durable |
|
|
|
124,493 |
|
|
5.2 |
|
|
|
|
122,345 |
|
|
5.1 |
|
|
Transportation: Cargo |
|
|
|
111,515 |
|
|
4.6 |
|
|
|
|
120,616 |
|
|
5.1 |
|
|
Transportation: Consumer |
|
|
|
100,435 |
|
|
4.2 |
|
|
|
|
108,860 |
|
|
4.6 |
|
|
Healthcare & Pharmaceuticals |
|
|
|
85,164 |
|
|
3.5 |
|
|
|
|
82,510 |
|
|
3.5 |
|
|
Construction & Building |
|
|
|
77,766 |
|
|
3.2 |
|
|
|
|
77,657 |
|
|
3.3 |
|
|
Consumer Goods: Durable |
|
|
|
88,155 |
|
|
3.6 |
|
|
|
|
76,975 |
|
|
3.2 |
|
|
Automotive |
|
|
|
76,489 |
|
|
3.2 |
|
|
|
|
76,679 |
|
|
3.2 |
|
|
Telecommunications |
|
|
|
74,555 |
|
|
3.1 |
|
|
|
|
76,005 |
|
|
3.2 |
|
|
Energy: Oil & Gas |
|
|
|
54,357 |
|
|
2.3 |
|
|
|
|
75,771 |
|
|
3.2 |
|
|
FIRE: Insurance (1) |
|
|
|
64,614 |
|
|
2.7 |
|
|
|
|
65,050 |
|
|
2.7 |
|
|
FIRE: Finance (1) |
|
|
|
55,407 |
|
|
2.3 |
|
|
|
|
54,268 |
|
|
2.3 |
|
|
Environmental Industries |
|
|
|
37,405 |
|
|
1.5 |
|
|
|
|
38,503 |
|
|
1.6 |
|
|
Hotel, Gaming & Leisure |
|
|
|
38,487 |
|
|
1.6 |
|
|
|
|
37,737 |
|
|
1.6 |
|
|
Beverage, Food & Tobacco |
|
|
|
26,105 |
|
|
1.1 |
|
|
|
|
34,826 |
|
|
1.5 |
|
|
Media: Diversified & Production |
|
|
|
36,545 |
|
|
1.5 |
|
|
|
|
31,753 |
|
|
1.3 |
|
|
Capital Equipment |
|
|
|
31,678 |
|
|
1.3 |
|
|
|
|
30,923 |
|
|
1.3 |
|
|
Wholesale |
|
|
|
27,707 |
|
|
1.1 |
|
|
|
|
28,634 |
|
|
1.2 |
|
|
Media: Advertising, Printing & Publishing |
|
|
|
78,108 |
|
|
3.2 |
|
|
|
|
28,381 |
|
|
1.2 |
|
|
Chemicals, Plastics & Rubber |
|
|
|
15,790 |
|
|
0.7 |
|
|
|
|
15,715 |
|
|
0.7 |
|
|
Containers, Packaging & Glass |
|
|
|
16,312 |
|
|
0.7 |
|
|
|
|
14,910 |
|
|
0.6 |
|
|
Services: Consumer |
|
|
|
14,431 |
|
|
0.6 |
|
|
|
|
14,121 |
|
|
0.6 |
|
|
Retail |
|
|
|
10,351 |
|
|
0.4 |
|
|
|
|
8,508 |
|
|
0.4 |
|
|
Consumer goods: Wholesale |
|
|
|
8,555 |
|
|
0.4 |
|
|
|
|
6,020 |
|
|
0.3 |
|
|
Banking, Finance, Insurance & Real Estate |
|
|
|
5,261 |
|
|
0.2 |
|
|
|
|
5,292 |
|
|
0.2 |
|
|
Media: Broadcasting & Subscription |
|
|
|
2,853 |
|
|
0.1 |
|
|
|
|
2,861 |
|
|
0.1 |
|
|
Media: Publishing |
|
|
|
1,577 |
|
|
0.1 |
|
|
|
|
1,661 |
|
|
0.1 |
|
|
Total |
|
$ |
|
2,415,627 |
|
|
100.0 |
|
% |
$ |
|
2,385,272 |
|
|
100.0 |
|
% |
52
The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2022 (with corresponding percentage of total portfolio investments):
|
|
As of December 31, 2022 |
|
|
|||||||||||||
|
|
Amortized Cost |
|
Percentage of Total Portfolio |
|
|
Fair Value |
|
Percentage of Total Portfolio |
|
|
||||||
Aerospace & Defense |
|
$ |
|
379,100 |
|
|
15.7 |
|
% |
$ |
|
364,629 |
|
|
15.2 |
|
% |
Investment Vehicles (2) |
|
|
|
302,943 |
|
|
12.5 |
|
|
|
|
303,307 |
|
|
12.7 |
|
|
High Tech Industries |
|
|
|
271,044 |
|
|
11.2 |
|
|
|
|
268,283 |
|
|
11.2 |
|
|
Services: Business |
|
|
|
168,916 |
|
|
7.0 |
|
|
|
|
169,053 |
|
|
7.1 |
|
|
Transportation: Cargo |
|
|
|
131,342 |
|
|
5.4 |
|
|
|
|
137,154 |
|
|
5.7 |
|
|
Consumer Goods: Non-Durable |
|
|
|
125,947 |
|
|
5.2 |
|
|
|
|
124,239 |
|
|
5.2 |
|
|
Construction & Building |
|
|
|
122,480 |
|
|
5.1 |
|
|
|
|
118,977 |
|
|
5.0 |
|
|
Healthcare & Pharmaceuticals |
|
|
|
101,609 |
|
|
4.2 |
|
|
|
|
98,450 |
|
|
4.1 |
|
|
Transportation: Consumer |
|
|
|
81,856 |
|
|
3.4 |
|
|
|
|
92,216 |
|
|
3.9 |
|
|
Automotive |
|
|
|
89,840 |
|
|
3.7 |
|
|
|
|
89,633 |
|
|
3.8 |
|
|
Energy: Oil & Gas |
|
|
|
57,612 |
|
|
2.4 |
|
|
|
|
76,789 |
|
|
3.2 |
|
|
Consumer Goods: Durable |
|
|
|
84,818 |
|
|
3.5 |
|
|
|
|
75,051 |
|
|
3.1 |
|
|
FIRE: Insurance (1) |
|
|
|
58,741 |
|
|
2.4 |
|
|
|
|
58,558 |
|
|
2.5 |
|
|
Telecommunications |
|
|
|
51,321 |
|
|
2.1 |
|
|
|
|
52,386 |
|
|
2.2 |
|
|
Retail |
|
|
|
59,340 |
|
|
2.5 |
|
|
|
|
50,479 |
|
|
2.1 |
|
|
FIRE: Finance (1) |
|
|
|
44,540 |
|
|
1.8 |
|
|
|
|
43,140 |
|
|
1.8 |
|
|
Wholesale |
|
|
|
35,072 |
|
|
1.4 |
|
|
|
|
36,133 |
|
|
1.5 |
|
|
Media: Diversified & Production |
|
|
|
36,646 |
|
|
1.5 |
|
|
|
|
32,854 |
|
|
1.4 |
|
|
Capital Equipment |
|
|
|
31,248 |
|
|
1.3 |
|
|
|
|
30,379 |
|
|
1.3 |
|
|
Environmental Industries |
|
|
|
28,488 |
|
|
1.2 |
|
|
|
|
28,623 |
|
|
1.2 |
|
|
Media: Advertising, Printing & Publishing |
|
|
|
53,717 |
|
|
2.2 |
|
|
|
|
28,193 |
|
|
1.2 |
|
|
Hotel, Gaming & Leisure |
|
|
|
28,406 |
|
|
1.2 |
|
|
|
|
27,605 |
|
|
1.2 |
|
|
Services: Consumer |
|
|
|
17,508 |
|
|
0.7 |
|
|
|
|
17,778 |
|
|
0.7 |
|
|
Containers, Packaging & Glass |
|
|
|
16,338 |
|
|
0.7 |
|
|
|
|
15,862 |
|
|
0.7 |
|
|
Beverage, Food & Tobacco |
|
|
|
7,233 |
|
|
0.3 |
|
|
|
|
14,616 |
|
|
0.6 |
|
|
Chemicals, Plastics & Rubber |
|
|
|
12,793 |
|
|
0.5 |
|
|
|
|
12,451 |
|
|
0.5 |
|
|
Consumer Goods: Wholesale |
|
|
|
8,835 |
|
|
0.4 |
|
|
|
|
6,834 |
|
|
0.3 |
|
|
Hospitality Holdings |
|
|
|
5,000 |
|
|
0.2 |
|
|
|
|
6,037 |
|
|
0.3 |
|
|
Banking, Finance, Insurance & Real Estate |
|
|
|
4,260 |
|
|
0.2 |
|
|
|
|
4,265 |
|
|
0.2 |
|
|
Media: Broadcasting & Subscription |
|
|
|
2,849 |
|
|
0.1 |
|
|
|
|
2,835 |
|
|
0.1 |
|
|
Media: Publishing |
|
|
|
96 |
|
|
0.0 |
|
|
|
|
168 |
|
|
0.0 |
|
|
Total |
|
$ |
|
2,419,938 |
|
|
100.0 |
|
% |
$ |
|
2,386,977 |
|
|
100.0 |
|
% |
International Senior Loan Program, LLC
On February 9, 2021, the Company and Pantheon ("Pantheon"), a leading global alternative private markets manager, formed the International Senior Loan Program, LLC (“ISLP”), an unconsolidated joint venture. ISLP invests primarily in non-US first lien senior secured loans. ISLP was formed as a Delaware limited liability company. The Company and Pantheon committed to initially provide $138.3 million of debt and $46.1 million of equity capital, to ISLP. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments. Pursuant to the terms of the transaction, Pantheon invested $50.0 million to acquire a 29.5% stake in ISLP. The Company contributed debt investments of $317.1 million for a 70.5% stake in ISLP, and received a one-time gross distribution of $190.2 million in cash in consideration of contributing such investments. As of June 30, 2023, the Company’s investment in ISLP consisted of subordinated notes of $187.0 million, and equity interests of $65.8 million. As of December 31, 2022, the Company’s investment in ISLP consisted of subordinated notes of $187.0 million, and equity interests of $62.6 million.
53
As of June 30, 2023, the Company had commitments with respect to their equity and subordinated note interests of ISLP in the aggregate amount of $249.3 million. The Company has contributed $249.3 million in capital and has $0.0 million in unfunded capital contributions. As of June 30, 2023, Pantheon had commitments with respect to their equity and subordinated note interests of ISLP in the aggregate amount of $103.9 million. Pantheon has contributed $103.9 million in capital and has $0.0 million in unfunded capital contributions.
As of December 31, 2022, the Company had commitments with respect to their equity and subordinated note interests of ISLP in the aggregate amount of $249.3 million. The Company has contributed $249.3 million in capital and has $0.0 million in unfunded capital contributions. As of December 31, 2022, Pantheon had commitments with respect to their equity and subordinated note interests of ISLP in the aggregate amount of $103.9 million. Pantheon has contributed $103.9 million in capital and has $0.0 million in unfunded capital contributions.
In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to ISLP. Since inception, the Company has sold $883.2 million of its investments to ISLP. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale.
The Company has determined that ISLP is an investment company under ASC, Topic 946, Financial Services—Investment Companies; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly or substantially owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its investments in ISLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control ISLP due to the allocation of voting rights among ISLP members. The Company measures the fair value of ISLP in accordance with ASC Subtopic 820, Fair Value Measurements and Disclosures, using the net asset value (or its equivalent) as a practical expedient. The Company and Pantheon each appointed two members to ISLP’s four-person Member Designees’ Committee. All material decisions with respect to ISLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee.
As of June 30, 2023, ISLP had $686.6 million in debt and equity investments, at fair value. As of December 31, 2022, ISLP had $707.7 million in debt and equity investments, at fair value.
Additionally, ISLP, through a wholly-owned subsidiary, entered into a $300.0 million senior secured revolving credit facility which bears interest at LIBOR (or an alternative risk-free interest rate index) plus 225 basis points with JP Morgan (“ISLP Credit Facility Tranche A”). On February 4, 2022, ISLP entered into the second amended and restated credit agreement, which among other things formed an additional tranche (“ISLP Credit Facility Tranche B” and collectively with ISLP Credit Facility Tranche A, the “ISLP Credit Facilities”) with an initial financing limit of $50.0 million on May 31, 2022, and $200.0 million on August 31, 2022, bringing the total facility size to $500.0 million. As of June 30, 2023, the ISLP Credit Facility had $350.7 million of outstanding debt under the credit facility. As of December 31, 2022 the ISLP Credit Facility had $375.3 million of outstanding debt under the credit facility. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the six months ended June 30, 2023 was 5.8%. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the year ended December 31, 2022 was 3.3%.
Below is a summary of ISLP’s portfolio at fair value:
|
|
As of |
|
|
|
As of |
|
|
||||
|
|
June 30, 2023 |
|
|
|
December 31, 2022 |
|
|
||||
Total investments |
|
$ |
|
686,583 |
|
|
|
$ |
|
707,683 |
|
|
Weighted average yield on investments |
|
|
|
10.9 |
|
% |
|
|
|
9.3 |
|
% |
Number of borrowers in ISLP |
|
|
|
39 |
|
|
|
|
|
38 |
|
|
Largest portfolio company investment |
|
$ |
|
47,147 |
|
|
|
$ |
|
46,687 |
|
|
Total of five largest portfolio company investments |
|
$ |
|
203,765 |
|
|
|
$ |
|
197,270 |
|
|
Unfunded commitments |
|
$ |
|
10,326 |
|
|
|
$ |
|
14,212 |
|
|
54
Below is a listing of ISLP’s individual investments as of June 30, 2023:
International Senior Loan Program, LLC
Consolidated Schedule of Investments
As of June 30, 2023
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
|
Principal / |
|
|
|
|
|
Market |
|
|
% of Members |
|
||||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
Equity (4) |
|
||||||||
Australian Dollar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Ansett Aviation Training (18)(19) |
|
First Lien Senior Secured Loan |
|
BBSY |
|
|
4.69 |
% |
|
|
9.04 |
% |
|
9/24/2031 |
|
|
AUD |
|
14,144 |
|
|
|
9,830 |
|
|
|
9,425 |
|
|
|
|
||
Ansett Aviation Training (14)(19) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
AUD |
|
10,238 |
|
|
|
7,115 |
|
|
|
13,536 |
|
|
|
|
|
Aerospace & Defense Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,945 |
|
|
$ |
22,961 |
|
|
|
24.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FIRE: Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FNZ UK Finco Limited (18)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
|
9.37 |
% |
|
9/30/2026 |
|
|
AUD |
|
7,660 |
|
|
|
4,926 |
|
|
|
5,105 |
|
|
|
|
||
FIRE: Finance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,926 |
|
|
$ |
5,105 |
|
|
|
5.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Datix Bidco Limited (18)(19) |
|
First Lien Senior Secured Loan |
|
BBSW |
|
|
4.50 |
% |
|
|
8.41 |
% |
|
4/28/2025 |
|
|
AUD |
|
4,169 |
|
|
|
3,294 |
|
|
|
2,779 |
|
|
|
|
||
Healthcare & Pharmaceuticals Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,294 |
|
|
$ |
2,779 |
|
|
|
3.0 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Media: Advertising, Printing & Publishing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
TGI Sport Bidco Pty Ltd (17)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.00 |
% |
|
|
11.19 |
% |
|
4/30/2026 |
|
|
AUD |
|
9,730 |
|
|
|
7,032 |
|
|
|
6,484 |
|
|
|
|
||
Media: Advertising, Printing & Publishing Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,032 |
|
|
$ |
6,484 |
|
|
|
6.9 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Services: Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Zeppelin BidCo Pty Limited (18)(19) |
|
First Lien Senior Secured Loan |
|
BBSY |
|
|
5.00 |
% |
|
|
8.61 |
% |
|
6/28/2024 |
|
|
AUD |
|
20,415 |
|
|
|
16,103 |
|
|
|
13,604 |
|
|
|
|
||
Services: Consumer Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,103 |
|
|
$ |
13,604 |
|
|
|
14.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Australian Dollar Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
48,300 |
|
|
$ |
50,933 |
|
|
|
54.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
British Pound |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Environmental Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reconomy (18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
6.25 |
% |
|
|
11.18 |
% |
|
6/24/2029 |
|
|
£ |
|
6,050 |
|
|
|
7,045 |
|
|
|
7,685 |
|
|
|
|
||
Environmental Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,045 |
|
|
$ |
7,685 |
|
|
|
8.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FIRE: Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Parmenion (15)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
5.75 |
% |
|
|
10.68 |
% |
|
5/11/2029 |
|
|
£ |
|
32,300 |
|
|
|
39,129 |
|
|
|
41,031 |
|
|
|
|
||
FIRE: Finance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
39,129 |
|
|
$ |
41,031 |
|
|
|
44.0 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Datix Bidco Limited (3)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SONIA |
|
|
4.50 |
% |
|
|
8.68 |
% |
|
10/28/2024 |
|
|
£ |
|
788 |
|
|
|
943 |
|
|
|
1,000 |
|
|
|
|
||
Datix Bidco Limited (18)(19) |
|
Second Lien Senior Secured Loan |
|
SONIA |
|
|
7.75 |
% |
|
|
11.93 |
% |
|
4/27/2026 |
|
|
£ |
|
12,013 |
|
|
|
16,916 |
|
|
|
15,260 |
|
|
|
|
||
Healthcare & Pharmaceuticals Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17,859 |
|
|
$ |
16,260 |
|
|
|
17.4 |
% |
||||
55
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of Members |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
Equity (4) |
|
|||||||
British Pound |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Access (18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
5.25 |
% |
|
|
9.68 |
% |
|
6/4/2029 |
|
£ |
|
7,880 |
|
|
|
9,092 |
|
|
|
10,010 |
|
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,092 |
|
|
$ |
10,010 |
|
|
|
10.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Publishing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
OGH Bidco Limited (18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
|
10.80 |
% |
|
6/29/2029 |
|
£ |
|
5,172 |
|
|
|
6,073 |
|
|
|
6,007 |
|
|
|
|
|
OGH Bidco Limited (18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
6.25 |
% |
|
|
11.18 |
% |
|
6/29/2029 |
|
£ |
|
13,160 |
|
|
|
15,183 |
|
|
|
16,550 |
|
|
|
|
|
Media: Publishing Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
21,256 |
|
|
$ |
22,557 |
|
|
|
24.2 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Caribou Bidco Limited (3)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SONIA |
|
|
6.00 |
% |
|
|
9.43 |
% |
|
1/29/2029 |
|
£ |
|
1,576 |
|
|
|
1,953 |
|
|
|
2,002 |
|
|
|
|
|
Caribou Bidco Limited (18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
6.00 |
% |
|
|
9.43 |
% |
|
1/29/2029 |
|
£ |
|
19,500 |
|
|
|
24,171 |
|
|
|
24,771 |
|
|
|
|
|
Comet Bidco Limited (18) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
5.25 |
% |
|
|
10.22 |
% |
|
9/30/2024 |
|
£ |
|
7,434 |
|
|
|
9,975 |
|
|
|
8,920 |
|
|
|
|
|
Brook Bidco (18)(19)(26) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
6.87% (0.50% PIK) |
|
|
|
11.05 |
% |
|
7/7/2028 |
|
£ |
|
23,009 |
|
|
|
31,119 |
|
|
|
29,228 |
|
|
|
|
||
Learning Pool (16)(19)(26) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.01% (0.50% PIK) |
|
|
|
12.31 |
% |
|
7/7/2028 |
|
£ |
|
5,051 |
|
|
|
6,720 |
|
|
|
6,417 |
|
|
|
|
||
Learning Pool (16)(19)(26) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
7.01% (0.50% PIK) |
|
|
|
12.31 |
% |
|
7/7/2028 |
|
£ |
|
7,037 |
|
|
|
9,356 |
|
|
|
8,939 |
|
|
|
|
||
Opus2 (18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
5.03 |
% |
|
|
9.96 |
% |
|
5/5/2028 |
|
£ |
|
12,151 |
|
|
|
16,412 |
|
|
|
15,436 |
|
|
|
|
|
Parcel2Go (3)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SONIA |
|
|
6.00 |
% |
|
|
10.93 |
% |
|
7/15/2028 |
|
£ |
|
3,825 |
|
|
|
5,093 |
|
|
|
4,629 |
|
|
|
|
|
Parcel2Go (18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
6.00 |
% |
|
|
10.93 |
% |
|
7/15/2028 |
|
£ |
|
12,395 |
|
|
|
16,707 |
|
|
|
15,312 |
|
|
|
|
|
Services: Business Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
121,506 |
|
|
$ |
115,654 |
|
|
|
123.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Surrey Bidco Limited (7)(14)(17)(19)(26) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
6.28% (1.00% PIK) |
|
|
|
10.20 |
% |
|
5/11/2026 |
|
£ |
|
5,660 |
|
|
|
7,200 |
|
|
|
5,033 |
|
|
|
|
||
Services: Consumer Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,200 |
|
|
$ |
5,033 |
|
|
|
5.4 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
British Pound Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
223,087 |
|
|
$ |
218,230 |
|
|
|
233.8 |
% |
|||
56
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of Members |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
Equity (4) |
|
|||||||
Canadian Dollar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Diversified & Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
9 Story Media Group Inc. (3)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
— |
|
|
|
— |
|
|
4/30/2026 |
|
CAD |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
9 Story Media Group Inc. (16)(19) |
|
First Lien Senior Secured Loan |
|
CDOR |
|
|
5.25 |
% |
|
|
10.32 |
% |
|
4/30/2026 |
|
CAD |
|
6,764 |
|
|
|
5,370 |
|
|
|
5,108 |
|
|
|
|
|
Media: Diversified & Production Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,370 |
|
|
$ |
5,108 |
|
|
|
5.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
New Look Vision Group (19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.50 |
% |
|
|
10.89 |
% |
|
5/26/2028 |
|
CAD |
|
17,784 |
|
|
|
14,571 |
|
|
|
12,893 |
|
|
|
|
|
New Look Vision Group (19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
CDOR |
|
|
5.50 |
% |
|
|
10.88 |
% |
|
5/26/2028 |
|
CAD |
|
2,295 |
|
|
|
1,644 |
|
|
|
1,663 |
|
|
|
|
|
New Look Vision Group (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
CDOR |
|
|
5.50 |
% |
|
|
10.88 |
% |
|
5/26/2028 |
|
CAD |
|
1,195 |
|
|
|
929 |
|
|
|
864 |
|
|
|
|
|
Retail Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17,144 |
|
|
$ |
15,420 |
|
|
|
16.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Canadian Dollar Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
22,514 |
|
|
$ |
20,528 |
|
|
|
22.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Danish Krone |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
VPARK BIDCO AB (16)(19) |
|
First Lien Senior Secured Loan |
|
CIBOR |
|
|
4.00 |
% |
|
|
7.42 |
% |
|
3/10/2025 |
|
DKK |
|
56,429 |
|
|
|
9,231 |
|
|
|
8,269 |
|
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,231 |
|
|
$ |
8,269 |
|
|
|
8.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Danish Krone Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,231 |
|
|
$ |
8,269 |
|
|
|
8.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
European Currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
V Global Holdings LLC (16)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.75 |
% |
|
|
9.41 |
% |
|
12/22/2027 |
|
€ |
|
9,330 |
|
|
|
9,414 |
|
|
|
10,025 |
|
|
|
|
|
Chemicals, Plastics & Rubber Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,414 |
|
|
$ |
10,025 |
|
|
|
10.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Environmental Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reconomy (18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.00 |
% |
|
|
9.60 |
% |
|
6/24/2029 |
|
€ |
|
2,440 |
|
|
|
2,475 |
|
|
|
2,662 |
|
|
|
|
|
Environmental Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,475 |
|
|
$ |
2,662 |
|
|
|
2.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FIRE: Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
MRHT (15)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.75 |
% |
|
|
10.03 |
% |
|
2/1/2029 |
|
€ |
|
12,000 |
|
|
|
12,962 |
|
|
|
12,960 |
|
|
|
|
|
Paisley Bidco Limited (18)(19) |
|
First Lien Senior Secured Loan- Revolver |
|
EURIBOR |
|
|
5.00 |
% |
|
|
8.24 |
% |
|
11/26/2028 |
|
€ |
|
3,178 |
|
|
|
3,367 |
|
|
|
3,467 |
|
|
|
|
|
FIRE: Insurance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,329 |
|
|
$ |
16,427 |
|
|
|
17.6 |
% |
|||
57
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of Members |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
Equity (4) |
|
|||||||
European Currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mertus 522. GmbH (18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.25 |
% |
|
|
10.03 |
% |
|
5/28/2026 |
|
€ |
|
12,999 |
|
|
|
15,720 |
|
|
|
13,756 |
|
|
|
|
|
Mertus 522. GmbH (18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.25 |
% |
|
|
10.03 |
% |
|
5/28/2026 |
|
€ |
|
22,244 |
|
|
|
26,898 |
|
|
|
23,538 |
|
|
|
|
|
Pharmathen (18)(19) |
|
First Lien Senior Secured Loan- Revolver |
|
EURIBOR |
|
|
5.73 |
% |
|
|
9.66 |
% |
|
10/25/2028 |
|
€ |
|
13,492 |
|
|
|
15,000 |
|
|
|
14,718 |
|
|
|
|
|
Pharmathen (3)(18)(19) |
|
First Lien Senior Secured Loan- Revolver |
|
EURIBOR |
|
|
5.73 |
% |
|
|
9.66 |
% |
|
10/25/2028 |
|
€ |
|
1,266 |
|
|
|
1,329 |
|
|
|
1,381 |
|
|
|
|
|
Healthcare & Pharmaceuticals Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
58,947 |
|
|
$ |
53,393 |
|
|
|
57.2 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Utimaco (18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.25 |
% |
|
|
9.71 |
% |
|
5/13/2029 |
|
€ |
|
8,250 |
|
|
|
8,337 |
|
|
|
8,820 |
|
|
|
|
|
Onventis (15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
EURIBOR |
|
|
7.50 |
% |
|
|
10.76 |
% |
|
1/12/2030 |
|
€ |
|
5,000 |
|
|
|
5,317 |
|
|
|
5,455 |
|
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13,654 |
|
|
$ |
14,275 |
|
|
|
15.3 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Broadcasting & Subscription |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lightning Finco Limited (16)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.75 |
% |
|
|
9.23 |
% |
|
8/31/2028 |
|
€ |
|
2,619 |
|
|
|
2,951 |
|
|
|
2,857 |
|
|
|
|
|
Media: Broadcasting & Subscription Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,951 |
|
|
$ |
2,857 |
|
|
|
3.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Diversified & Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
9 Story Media Group Inc. (18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.25 |
% |
|
|
8.73 |
% |
|
4/30/2026 |
|
€ |
|
3,646 |
|
|
|
4,435 |
|
|
|
3,977 |
|
|
|
|
|
Aptus 1724 Gmbh (18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.00 |
% |
|
|
9.49 |
% |
|
2/23/2028 |
|
€ |
|
35,000 |
|
|
|
41,245 |
|
|
|
37,322 |
|
|
|
|
|
Media: Diversified & Production Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
45,680 |
|
|
$ |
41,299 |
|
|
|
44.2 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
iBanFirst (19)(26)(32) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
10.00% PIK |
|
|
|
13.59 |
% |
|
7/13/2028 |
|
€ |
|
11,505 |
|
|
|
12,975 |
|
|
|
12,550 |
|
|
|
|
||
SumUp Holdings Luxembourg S.à.r.l. (19)(32) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
8.50 |
% |
|
|
11.97 |
% |
|
2/17/2026 |
|
€ |
|
30,900 |
|
|
|
35,457 |
|
|
|
33,709 |
|
|
|
|
|
Services: Business Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
48,432 |
|
|
$ |
46,259 |
|
|
|
49.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
European Currency Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
197,882 |
|
|
$ |
187,197 |
|
|
|
200.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Norwegian Krone |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
VPARK BIDCO AB (16)(19) |
|
First Lien Senior Secured Loan |
|
NIBOR |
|
|
4.00 |
% |
|
|
8.06 |
% |
|
3/10/2025 |
|
NOK |
|
73,280 |
|
|
|
8,651 |
|
|
|
6,825 |
|
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,651 |
|
|
$ |
6,825 |
|
|
|
7.3 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Spring Finco BV (18)(19) |
|
First Lien Senior Secured Loan |
|
NIBOR |
|
|
6.00 |
% |
|
|
9.99 |
% |
|
7/15/2029 |
|
NOK |
|
48,840 |
|
|
|
4,810 |
|
|
|
4,549 |
|
|
|
|
|
Services: Business Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,810 |
|
|
$ |
4,549 |
|
|
|
4.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Norwegian Krone Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13,461 |
|
|
$ |
11,374 |
|
|
|
12.2 |
% |
|||
58
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of Members |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
Equity (4) |
|
|||||||
U.S. Dollar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Automotive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cardo (17)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
|
11.08 |
% |
|
5/12/2028 |
|
$ |
|
9,653 |
|
|
|
9,582 |
|
|
|
9,653 |
|
|
|
|
|
Automotive Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,582 |
|
|
$ |
9,653 |
|
|
|
10.3 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
V Global Holdings LLC (16)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
|
10.87 |
% |
|
12/22/2027 |
|
$ |
|
23,398 |
|
|
|
23,398 |
|
|
|
23,047 |
|
|
|
|
|
Chemicals, Plastics & Rubber Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
23,398 |
|
|
$ |
23,047 |
|
|
|
24.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer Goods: Non-durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
RoC Opco LLC (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.60 |
% |
|
|
12.84 |
% |
|
2/25/2025 |
|
$ |
|
15,796 |
|
|
|
15,796 |
|
|
|
15,796 |
|
|
|
|
|
Consumer Goods: Non-durable Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,796 |
|
|
$ |
15,796 |
|
|
|
16.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer Goods: Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stanton Carpet (15)(19) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
|
9.00 |
% |
|
|
14.42 |
% |
|
3/31/2028 |
|
$ |
|
5,000 |
|
|
|
4,938 |
|
|
|
5,000 |
|
|
|
|
|
Consumer Goods: Durable Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,938 |
|
|
$ |
5,000 |
|
|
|
5.4 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Golden State Buyer, Inc. (16)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.75 |
% |
|
|
9.95 |
% |
|
6/21/2026 |
|
$ |
|
9,536 |
|
|
|
9,506 |
|
|
|
8,987 |
|
|
|
|
|
Healthcare & Pharmaceuticals Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,506 |
|
|
$ |
8,987 |
|
|
|
9.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
CB Nike IntermediateCo Ltd (3)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
— |
|
|
|
— |
|
|
10/31/2025 |
|
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
CB Nike IntermediateCo Ltd (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
4.75 |
% |
|
|
10.02 |
% |
|
10/31/2025 |
|
$ |
|
11,923 |
|
|
|
11,923 |
|
|
|
11,923 |
|
|
|
|
|
NearMap (18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.25 |
% |
|
|
12.45 |
% |
|
12/9/2029 |
|
$ |
|
11,800 |
|
|
|
11,576 |
|
|
|
11,682 |
|
|
|
|
|
Utimaco (18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
|
11.56 |
% |
|
5/13/2029 |
|
$ |
|
16,450 |
|
|
|
16,304 |
|
|
|
16,121 |
|
|
|
|
|
Utimaco (18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
|
11.56 |
% |
|
5/13/2029 |
|
$ |
|
8,550 |
|
|
|
8,474 |
|
|
|
8,379 |
|
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
48,277 |
|
|
$ |
48,105 |
|
|
|
51.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Broadcasting & Subscription |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lightning Finco Limited (16)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
|
11.23 |
% |
|
8/31/2028 |
|
$ |
|
23,907 |
|
|
|
23,745 |
|
|
|
23,907 |
|
|
|
|
|
Media: Broadcasting and Subscription Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
23,745 |
|
|
$ |
23,907 |
|
|
|
25.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Diversified & Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Aptus 1724 Gmbh (19)(21) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.25 |
% |
|
|
11.76 |
% |
|
2/23/2028 |
|
$ |
|
10,000 |
|
|
|
9,947 |
|
|
|
9,825 |
|
|
|
|
|
Media: Diversified & Production Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,947 |
|
|
$ |
9,825 |
|
|
|
10.5 |
% |
|||
59
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of Members |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
Equity (4) |
|
|||||||
U.S. Dollar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Avalon Acquiror, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
|
11.49 |
% |
|
3/10/2028 |
|
$ |
|
11,880 |
|
|
|
11,784 |
|
|
|
11,583 |
|
|
|
|
|
Chamber Bidco Limited (17)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
|
10.71 |
% |
|
6/7/2028 |
|
$ |
|
23,423 |
|
|
|
23,251 |
|
|
|
23,423 |
|
|
|
|
|
Smartronix (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.00 |
% |
|
|
11.21 |
% |
|
11/23/2028 |
|
$ |
|
10,862 |
|
|
|
10,749 |
|
|
|
10,726 |
|
|
|
|
|
Services: Business Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
45,784 |
|
|
$ |
45,732 |
|
|
|
49.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Dollar Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
190,973 |
|
|
$ |
190,052 |
|
|
|
203.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
705,448 |
|
|
$ |
686,583 |
|
|
|
735.5 |
% |
|||
60
Forward Foreign Currency Exchange Contracts
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
Settlement |
|
Unrealized |
|
||
Currency Purchased |
|
Currency Sold |
|
Counterparty |
|
Date |
|
Appreciation(8) |
|
||
EURO 477 |
|
AUSTRALIAN DOLLARS 785 |
|
Morgan Stanley |
|
01/17/2024 |
|
$ |
|
- |
|
EURO 3,061 |
|
AUSTRALIAN DOLLARS 4,980 |
|
Morgan Stanley |
|
06/10/2025 |
|
|
|
101 |
|
EURO 889 |
|
AUSTRALIAN DOLLARS 1,400 |
|
Standard Chartered |
|
01/17/2024 |
|
|
|
43 |
|
EURO 1,819 |
|
AUSTRALIAN DOLLARS 2,872 |
|
Standard Chartered |
|
07/18/2023 |
|
|
|
73 |
|
EURO 402 |
|
CANADIAN DOLLARS 599 |
|
Morgan Stanley |
|
09/27/2023 |
|
|
|
(13 |
) |
EURO 325 |
|
CANADIAN DOLLARS 480 |
|
Standard Chartered |
|
07/18/2023 |
|
|
|
(8 |
) |
EURO 918 |
|
DANISH KRONE 6,844 |
|
Standard Chartered |
|
07/18/2023 |
|
|
|
(1 |
) |
EURO 3,118 |
|
BRITISH POUNDS 2,840 |
|
Morgan Stanley |
|
06/12/2025 |
|
|
|
(49 |
) |
EURO 4,705 |
|
BRITISH POUNDS 4,130 |
|
Standard Chartered |
|
07/18/2023 |
|
|
|
(113 |
) |
EURO 818 |
|
BRITISH POUNDS 710 |
|
Standard Chartered |
|
12/19/2023 |
|
|
|
(1 |
) |
EURO 706 |
|
BRITISH POUNDS 610 |
|
Morgan Stanley |
|
11/28/2023 |
|
|
|
1 |
|
EURO 835 |
|
NORWEGIAN KRONE 9,517 |
|
Standard Chartered |
|
07/18/2023 |
|
|
|
23 |
|
EURO 1,614 |
|
US DOLLARS 1,790 |
|
Morgan Stanley |
|
01/09/2025 |
|
|
|
13 |
|
EURO 666 |
|
US DOLLARS 740 |
|
Morgan Stanley |
|
06/18/2025 |
|
|
|
8 |
|
EURO 18,365 |
|
US DOLLARS 20,330 |
|
Standard Chartered |
|
07/18/2023 |
|
|
|
(280 |
) |
EURO 940 |
|
US DOLLARS 1,042 |
|
Morgan Stanley |
|
07/18/2023 |
|
|
|
(16 |
) |
EURO 16,565 |
|
US DOLLARS 18,170 |
|
Standard Chartered |
|
01/09/2025 |
|
|
|
342 |
|
EURO 1,305 |
|
US DOLLARS 1,417 |
|
Morgan Stanley |
|
07/18/2023 |
|
|
|
8 |
|
EURO 940 |
|
US DOLLARS 1,026 |
|
Standard Chartered |
|
07/18/2023 |
|
|
|
- |
|
BRITISH POUNDS 2,050 |
|
US DOLLARS 2,560 |
|
Goldman Sachs |
|
07/18/2023 |
|
|
|
46 |
|
BRITISH POUNDS 13,990 |
|
US DOLLARS 17,417 |
|
Goldman Sachs |
|
07/22/2024 |
|
|
|
268 |
|
US DOLLARS 7,046 |
|
AUSTRALIAN DOLLARS 11,118 |
|
Standard Chartered |
|
07/18/2023 |
|
|
|
(359 |
) |
US DOLLARS 1,837 |
|
AUSTRALIAN DOLLARS 2,735 |
|
Morgan Stanley |
|
01/17/2024 |
|
|
|
7 |
|
US DOLLARS 3,774 |
|
AUSTRALIAN DOLLARS 5,435 |
|
Standard Chartered |
|
01/17/2024 |
|
|
|
137 |
|
US DOLLARS 13,555 |
|
AUSTRALIAN DOLLARS 19,560 |
|
Morgan Stanley |
|
06/10/2025 |
|
|
|
460 |
|
US DOLLARS 1,689 |
|
CANADIAN DOLLARS 2,321 |
|
Morgan Stanley |
|
09/27/2023 |
|
|
|
(67 |
) |
US DOLLARS 1,390 |
|
CANADIAN DOLLARS 1,860 |
|
Standard Chartered |
|
07/18/2023 |
|
|
|
(15 |
) |
US DOLLARS 3,921 |
|
DANISH KRONE 26,496 |
|
Standard Chartered |
|
07/18/2023 |
|
|
|
35 |
|
US DOLLARS 29,728 |
|
EURO 29,700 |
|
Standard Chartered |
|
07/18/2023 |
|
|
|
(2,698 |
) |
US DOLLARS 960 |
|
EURO 890 |
|
Morgan Stanley |
|
01/17/2024 |
|
|
|
(22 |
) |
US DOLLARS 24,515 |
|
EURO 22,640 |
|
Standard Chartered |
|
01/17/2024 |
|
|
|
(443 |
) |
US DOLLARS 1,616 |
|
EURO 1,470 |
|
Morgan Stanley |
|
11/15/2023 |
|
|
|
1 |
|
US DOLLARS 4,132 |
|
EURO 3,730 |
|
Standard Chartered |
|
01/17/2024 |
|
|
|
20 |
|
US DOLLARS 1,000 |
|
BRITISH POUNDS 840 |
|
Standard Chartered |
|
06/10/2025 |
|
|
|
(49 |
) |
US DOLLARS 13,374 |
|
BRITISH POUNDS 10,983 |
|
Morgan Stanley |
|
06/10/2025 |
|
|
|
(344 |
) |
US DOLLARS 17,258 |
|
BRITISH POUNDS 13,990 |
|
Goldman Sachs |
|
07/20/2023 |
|
|
|
(526 |
) |
US DOLLARS 19,976 |
|
BRITISH POUNDS 16,040 |
|
Goldman Sachs |
|
07/18/2023 |
|
|
|
(415 |
) |
US DOLLARS 3,187 |
|
BRITISH POUNDS 2,540 |
|
Morgan Stanley |
|
11/28/2023 |
|
|
|
(40 |
) |
US DOLLARS 4,601 |
|
BRITISH POUNDS 3,690 |
|
Standard Chartered |
|
12/19/2023 |
|
|
|
(87 |
) |
US DOLLARS 3,558 |
|
NORWEGIAN KRONE 36,843 |
|
Standard Chartered |
|
07/18/2023 |
|
|
|
117 |
|
|
|
|
|
|
|
|
|
$ |
|
(3,843 |
) |
61
62
Below is a listing of ISLP’s individual investments as of December 31, 2022:
International Senior Loan Program, LLC
Consolidated Schedule of Investments
As of December 31, 2022
(in thousands)
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
|
Principal / |
|
|
|
|
|
Market |
|
|
% of Members |
|
||||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
Equity (4) |
|
||||||||
Australian Dollar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Ansett Aviation Training (18)(19) |
|
First Lien Senior Secured Loan |
|
BBSY |
|
|
4.69 |
% |
|
|
8.00 |
% |
|
9/24/2031 |
|
|
AUD |
|
14,144 |
|
|
|
9,830 |
|
|
|
9,636 |
|
|
|
|
||
Ansett Aviation Training (14)(19) |
|
Equity Interest |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
10,238 |
|
|
|
7,115 |
|
|
|
10,620 |
|
|
|
|
|
Aerospace & Defense Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,945 |
|
|
$ |
20,256 |
|
|
|
23.2 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FIRE: Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FNZ UK Finco Limited (18)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.00 |
% |
|
|
8.06 |
% |
|
9/30/2026 |
|
|
AUD |
|
7,660 |
|
|
|
4,902 |
|
|
|
5,219 |
|
|
|
|
||
FIRE: Finance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,902 |
|
|
$ |
5,219 |
|
|
|
6.0 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Datix Bidco Limited (18)(19) |
|
First Lien Senior Secured Loan |
|
BBSW |
|
|
4.50 |
% |
|
|
8.07 |
% |
|
4/28/2025 |
|
|
AUD |
|
4,169 |
|
|
|
3,292 |
|
|
|
2,841 |
|
|
|
|
||
Healthcare & Pharmaceuticals Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,292 |
|
|
$ |
2,841 |
|
|
|
3.3 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Media: Advertising, Printing & Publishing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
TGI Sport Bidco Pty Ltd (17)(19) |
|
First Lien Senior Secured Loan |
|
BBSW |
|
|
7.00 |
% |
|
|
10.07 |
% |
|
4/30/2026 |
|
|
AUD |
|
9,658 |
|
|
|
6,963 |
|
|
|
6,580 |
|
|
|
|
||
Media: Advertising, Printing & Publishing Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,963 |
|
|
$ |
6,580 |
|
|
|
7.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Services: Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Zeppelin BidCo Pty Limited (18)(19) |
|
First Lien Senior Secured Loan |
|
BBSY |
|
|
5.00 |
% |
|
|
7.89 |
% |
|
6/28/2024 |
|
|
AUD |
|
20,415 |
|
|
|
16,084 |
|
|
|
13,909 |
|
|
|
|
||
Services: Consumer Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,084 |
|
|
$ |
13,909 |
|
|
|
16.0 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Australian Dollar Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
48,186 |
|
|
$ |
48,805 |
|
|
|
56.1 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
British Pound |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Environmental Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reconomy (15)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
6.25 |
% |
|
|
9.68 |
% |
|
6/24/2029 |
|
|
£ |
|
6,050 |
|
|
|
7,045 |
|
|
|
7,310 |
|
|
|
|
||
Environmental Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,045 |
|
|
$ |
7,310 |
|
|
|
8.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FIRE: Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Parmenion (15)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
5.75 |
% |
|
|
8.68 |
% |
|
5/11/2029 |
|
|
£ |
|
32,300 |
|
|
|
39,084 |
|
|
|
39,028 |
|
|
|
|
||
FIRE: Finance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
39,084 |
|
|
$ |
39,028 |
|
|
|
44.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Datix Bidco Limited (19) |
|
First Lien Senior Secured Loan - Revolver |
|
SONIA |
|
|
4.50 |
% |
|
|
6.69 |
% |
|
10/28/2024 |
|
|
£ |
|
963 |
|
|
|
1,086 |
|
|
|
1,163 |
|
|
|
|
||
Datix Bidco Limited (18)(19) |
|
Second Lien Senior Secured Loan |
|
SONIA |
|
|
7.75 |
% |
|
|
9.94 |
% |
|
4/27/2026 |
|
|
£ |
|
12,013 |
|
|
|
16,916 |
|
|
|
14,515 |
|
|
|
|
||
Healthcare & Pharmaceuticals Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
18,002 |
|
|
$ |
15,678 |
|
|
|
18.0 |
% |
||||
63
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of Members |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
Equity (4) |
|
|||||||
British Pound |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Access (18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
5.25 |
% |
|
|
8.68 |
% |
|
6/4/2029 |
|
£ |
|
7,880 |
|
|
|
9,084 |
|
|
|
9,521 |
|
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,084 |
|
|
$ |
9,521 |
|
|
|
10.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Diversified & Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
International Entertainment Investments Limited (18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
4.75 |
% |
|
|
7.71 |
% |
|
11/30/2025 |
|
£ |
|
8,753 |
|
|
|
12,316 |
|
|
|
10,576 |
|
|
|
|
|
Media: Diversified & Production Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12,316 |
|
|
$ |
10,576 |
|
|
|
12.2 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Publishing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
OGH Bidco Limited (18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
6.25 |
% |
|
|
7.44 |
% |
|
6/29/2029 |
|
£ |
|
5,172 |
|
|
|
6,022 |
|
|
|
6,249 |
|
|
|
|
|
OGH Bidco Limited (18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR+ |
|
|
6.25 |
% |
|
|
8.53 |
% |
|
6/29/2029 |
|
£ |
|
13,160 |
|
|
|
15,170 |
|
|
|
15,901 |
|
|
|
|
|
Media: Publishing Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
21,192 |
|
|
$ |
22,150 |
|
|
|
25.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Caribou Bidco Limited (3)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SONIA |
|
|
6.00 |
% |
|
|
7.19 |
% |
|
1/29/2029 |
|
£ |
|
1,576 |
|
|
|
1,952 |
|
|
|
1,905 |
|
|
|
|
|
Caribou Bidco Limited (18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
6.00 |
% |
|
|
7.19 |
% |
|
1/29/2029 |
|
£ |
|
19,500 |
|
|
|
24,151 |
|
|
|
23,562 |
|
|
|
|
|
Comet Bidco Limited (18) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
5.25 |
% |
|
|
5.29 |
% |
|
9/30/2024 |
|
£ |
|
7,362 |
|
|
|
9,711 |
|
|
|
6,173 |
|
|
|
|
|
Brook Bidco (18)(19)(26) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
3.00% (4.25% PIK) |
|
|
|
10.16 |
% |
|
7/7/2028 |
|
£ |
|
22,066 |
|
|
|
29,929 |
|
|
|
26,661 |
|
|
|
|
||
Learning Pool (16)(19)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
7.25% PIK |
|
|
|
10.56 |
% |
|
7/7/2028 |
|
£ |
|
4,812 |
|
|
|
6,424 |
|
|
|
5,815 |
|
|
|
|
||
Learning Pool (16)(19)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
7.25% PIK |
|
|
|
10.56 |
% |
|
7/7/2028 |
|
£ |
|
6,695 |
|
|
|
8,934 |
|
|
|
8,090 |
|
|
|
|
||
Opus2 (18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
5.00 |
% |
|
|
7.96 |
% |
|
5/5/2028 |
|
£ |
|
12,151 |
|
|
|
16,379 |
|
|
|
14,682 |
|
|
|
|
|
Parcel2Go (3)(18)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SONIA |
|
|
6.00 |
% |
|
|
8.93 |
% |
|
7/15/2028 |
|
£ |
|
3,825 |
|
|
|
5,089 |
|
|
|
4,423 |
|
|
|
|
|
Parcel2Go (18)(19) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
|
6.00 |
% |
|
|
9.43 |
% |
|
7/15/2028 |
|
£ |
|
12,395 |
|
|
|
16,675 |
|
|
|
14,602 |
|
|
|
|
|
Services: Business Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
119,244 |
|
|
$ |
105,913 |
|
|
|
121.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Surrey Bidco Limited (7)(14)(17)(19)(26) |
|
First Lien Senior Secured Loan |
|
SONIA |
|
7.00% PIK |
|
|
|
8.97 |
% |
|
5/11/2026 |
|
£ |
|
5,353 |
|
|
|
7,215 |
|
|
|
4,527 |
|
|
|
|
||
Services: Consumer Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,215 |
|
|
$ |
4,527 |
|
|
|
5.2 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
British Pound Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
233,182 |
|
|
$ |
214,703 |
|
|
|
246.7 |
% |
|||
64
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of Members |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
Equity (4) |
|
|||||||
Canadian Dollar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Diversified & Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
9 Story Media Group Inc. (3)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
— |
|
|
|
— |
|
|
4/30/2026 |
|
CAD |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
9 Story Media Group Inc. (16)(19) |
|
First Lien Senior Secured Loan |
|
CDOR |
|
|
5.25 |
% |
|
|
9.98 |
% |
|
4/30/2026 |
|
CAD |
|
6,798 |
|
|
|
5,397 |
|
|
|
5,016 |
|
|
|
|
|
Media: Diversified & Production Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,397 |
|
|
$ |
5,016 |
|
|
|
5.8 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
New Look Vision Group (19) |
|
First Lien Senior Secured Loan |
|
CDOR |
|
|
5.50 |
% |
|
|
10.38 |
% |
|
5/26/2028 |
|
CAD |
|
17,875 |
|
|
|
14,631 |
|
|
|
12,660 |
|
|
|
|
|
New Look Vision Group (19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
CDOR |
|
|
5.50 |
% |
|
|
10.38 |
% |
|
5/26/2028 |
|
CAD |
|
2,306 |
|
|
|
1,650 |
|
|
|
1,633 |
|
|
|
|
|
New Look Vision Group (3)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
CDOR |
|
|
5.50 |
% |
|
|
10.38 |
% |
|
5/26/2028 |
|
CAD |
|
1,198 |
|
|
|
934 |
|
|
|
746 |
|
|
|
|
|
Retail Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17,215 |
|
|
$ |
15,039 |
|
|
|
17.3 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Canadian Dollar Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
22,612 |
|
|
$ |
20,055 |
|
|
|
23.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Danish Krone |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
VPARK BIDCO AB (16)(19) |
|
First Lien Senior Secured Loan |
|
CIBOR |
|
|
4.00 |
% |
|
|
6.03 |
% |
|
3/10/2025 |
|
DKK |
|
56,429 |
|
|
|
9,231 |
|
|
|
8,122 |
|
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,231 |
|
|
$ |
8,122 |
|
|
|
9.3 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Danish Krone Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,231 |
|
|
$ |
8,122 |
|
|
|
9.3 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
European Currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Chemicals, Plastics, & Rubber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
V Global Holdings LLC (16)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.75 |
% |
|
|
8.04 |
% |
|
12/22/2027 |
|
€ |
|
9,353 |
|
|
|
9,425 |
|
|
|
9,637 |
|
|
|
|
|
Chemicals, Plastics, & Rubber Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,425 |
|
|
$ |
9,637 |
|
|
|
11.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Environmental Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reconomy (18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.00 |
% |
|
|
8.20 |
% |
|
6/24/2029 |
|
€ |
|
2,440 |
|
|
|
2,475 |
|
|
|
2,612 |
|
|
|
|
|
Environmental Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,475 |
|
|
$ |
2,612 |
|
|
|
3.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FIRE: Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
MRHT (18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.50 |
% |
|
|
7.06 |
% |
|
7/26/2028 |
|
€ |
|
21,335 |
|
|
|
24,551 |
|
|
|
22,839 |
|
|
|
|
|
MRHT (18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.50 |
% |
|
|
7.41 |
% |
|
7/26/2028 |
|
€ |
|
9,900 |
|
|
|
9,941 |
|
|
|
10,598 |
|
|
|
|
|
Paisley Bidco Limited (18)(19) |
|
First Lien Senior Secured Loan- Revolver |
|
EURIBOR |
|
|
5.50 |
% |
|
|
7.11 |
% |
|
11/26/2028 |
|
€ |
|
3,178 |
|
|
|
3,367 |
|
|
|
3,402 |
|
|
|
|
|
FIRE: Insurance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
37,859 |
|
|
$ |
36,839 |
|
|
|
42.3 |
% |
|||
65
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of Members |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
Equity (4) |
|
|||||||
European Currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mertus 522. GmbH (18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.25 |
% |
|
|
8.11 |
% |
|
5/28/2026 |
|
€ |
|
12,999 |
|
|
|
15,705 |
|
|
|
13,638 |
|
|
|
|
|
Mertus 522. GmbH (18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.25 |
% |
|
|
8.69 |
% |
|
5/28/2026 |
|
€ |
|
22,244 |
|
|
|
26,873 |
|
|
|
23,335 |
|
|
|
|
|
Pharmathen (19) |
|
First Lien Senior Secured Loan- Revolver |
|
EURIBOR |
|
|
5.75 |
% |
|
|
8.48 |
% |
|
10/25/2028 |
|
€ |
|
13,492 |
|
|
|
14,973 |
|
|
|
14,299 |
|
|
|
|
|
Pharmathen (3)(19) |
|
First Lien Senior Secured Loan- Revolver |
|
EURIBOR |
|
|
5.73 |
% |
|
|
8.48 |
% |
|
10/25/2028 |
|
€ |
|
778 |
|
|
|
791 |
|
|
|
806 |
|
|
|
|
|
Healthcare & Pharmaceuticals Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
58,342 |
|
|
$ |
52,078 |
|
|
|
59.8 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Utimaco (18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.00 |
% |
|
|
7.95 |
% |
|
5/13/2029 |
|
€ |
|
8,250 |
|
|
|
8,330 |
|
|
|
8,832 |
|
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,330 |
|
|
$ |
8,832 |
|
|
|
10.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Broadcasting & Subscription |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lightning Finco Limited (16)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.50 |
% |
|
|
7.45 |
% |
|
8/31/2028 |
|
€ |
|
2,619 |
|
|
|
2,951 |
|
|
|
2,804 |
|
|
|
|
|
Media: Broadcasting & Subscription Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,951 |
|
|
$ |
2,804 |
|
|
|
3.2 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Diversified & Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
9 Story Media Group Inc. (18)(19) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
5.25 |
% |
|
|
7.20 |
% |
|
4/30/2026 |
|
€ |
|
3,665 |
|
|
|
4,458 |
|
|
|
3,923 |
|
|
|
|
|
Aptus 1724 Gmbh (19)(21) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
6.00 |
% |
|
|
7.98 |
% |
|
2/23/2028 |
|
€ |
|
35,000 |
|
|
|
41,137 |
|
|
|
36,812 |
|
|
|
|
|
Media: Diversified & Production Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
45,595 |
|
|
$ |
40,735 |
|
|
|
46.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
iBanFirst (19)(26)(32) |
|
First Lien Senior Secured Loan |
|
|
|
10.00% PIK |
|
|
|
10.00 |
% |
|
7/13/2028 |
|
€ |
|
10,856 |
|
|
|
12,258 |
|
|
|
11,622 |
|
|
|
|
||
SumUp Holdings Luxembourg S.à.r.l. (19)(32) |
|
First Lien Senior Secured Loan |
|
EURIBOR |
|
|
8.50 |
% |
|
|
10.48 |
% |
|
2/17/2026 |
|
€ |
|
30,900 |
|
|
|
35,419 |
|
|
|
33,078 |
|
|
|
|
|
Services: Business Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
47,677 |
|
|
$ |
44,700 |
|
|
|
51.4 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
European Currency Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
212,654 |
|
|
$ |
198,237 |
|
|
|
227.8 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Norwegian Krone |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
VPARK BIDCO AB (16)(19) |
|
First Lien Senior Secured Loan |
|
NIBOR |
|
|
4.00 |
% |
|
|
7.12 |
% |
|
3/10/2025 |
|
NOK |
|
73,280 |
|
|
|
8,651 |
|
|
|
7,475 |
|
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,651 |
|
|
$ |
7,475 |
|
|
|
8.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Spring Finco BV (18)(19) |
|
First Lien Senior Secured Loan |
|
NIBOR |
|
|
6.00 |
% |
|
|
9.08 |
% |
|
7/15/2029 |
|
NOK |
|
48,840 |
|
|
|
4,810 |
|
|
|
4,982 |
|
|
|
|
|
Services: Business Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,810 |
|
|
$ |
4,982 |
|
|
|
5.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Norwegian Krone Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13,461 |
|
|
$ |
12,457 |
|
|
|
14.3 |
% |
|||
66
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of Members |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
Equity (4) |
|
|||||||
U.S. Dollar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Automotive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cardo (17)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.00 |
% |
|
|
10.21 |
% |
|
5/12/2028 |
|
$ |
|
9,653 |
|
|
|
9,575 |
|
|
|
9,653 |
|
|
|
|
|
Automotive Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,575 |
|
|
$ |
9,653 |
|
|
|
11.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
V Global Holdings LLC (16)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
|
8.99 |
% |
|
12/22/2027 |
|
$ |
|
23,516 |
|
|
|
23,516 |
|
|
|
22,634 |
|
|
|
|
|
Chemicals, Plastics & Rubber Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
23,516 |
|
|
$ |
22,634 |
|
|
|
26.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer goods: Non-durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
RoC Opco LLC (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
8.00 |
% |
|
|
12.73 |
% |
|
2/25/2025 |
|
$ |
|
15,878 |
|
|
|
15,878 |
|
|
|
15,878 |
|
|
|
|
|
Consumer goods: Non-durable Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,878 |
|
|
$ |
15,878 |
|
|
|
18.2 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer goods: Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stanton Carpet (15)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
|
9.00 |
% |
|
|
13.77 |
% |
|
3/31/2028 |
|
$ |
|
5,000 |
|
|
|
4,932 |
|
|
|
5,000 |
|
|
|
|
|
Consumer goods: Durable Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,932 |
|
|
$ |
5,000 |
|
|
|
5.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Golden State Buyer, Inc. (16)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
4.75 |
% |
|
|
8.92 |
% |
|
6/21/2026 |
|
$ |
|
14,086 |
|
|
|
14,035 |
|
|
|
13,453 |
|
|
|
|
|
Healthcare & Pharmaceuticals Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,035 |
|
|
$ |
13,453 |
|
|
|
15.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
CB Nike IntermediateCo Ltd (3)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
— |
|
|
|
— |
|
|
10/31/2025 |
|
$ |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
CB Nike IntermediateCo Ltd (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
4.75 |
% |
|
|
9.16 |
% |
|
10/31/2025 |
|
$ |
|
34,016 |
|
|
|
34,016 |
|
|
|
34,016 |
|
|
|
|
|
Utimaco (18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.00 |
% |
|
|
10.06 |
% |
|
5/13/2029 |
|
$ |
|
16,450 |
|
|
|
16,292 |
|
|
|
16,450 |
|
|
|
|
|
Utimaco (18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.00 |
% |
|
|
10.06 |
% |
|
5/13/2029 |
|
$ |
|
8,550 |
|
|
|
8,468 |
|
|
|
8,550 |
|
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
58,776 |
|
|
$ |
59,016 |
|
|
|
67.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Broadcasting & Subscription |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lightning Finco Limited (16)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
|
10.23 |
% |
|
8/31/2028 |
|
$ |
|
23,907 |
|
|
|
23,729 |
|
|
|
23,907 |
|
|
|
|
|
Media: Broadcasting and Subscription Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
23,729 |
|
|
$ |
23,907 |
|
|
|
27.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Media: Diversified & Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Aptus 1724 Gmbh (19)(21) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.25 |
% |
|
|
10.97 |
% |
|
2/23/2028 |
|
$ |
|
10,000 |
|
|
|
9,941 |
|
|
|
9,875 |
|
|
|
|
|
Media: Diversified & Production Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,941 |
|
|
$ |
9,875 |
|
|
|
11.3 |
% |
|||
67
|
|
|
|
|
|
|
|
|
Interest |
|
|
Maturity |
|
Principal / |
|
|
|
|
|
Market |
|
|
% of Members |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
|
Rate |
|
|
Date |
|
Shares (9) |
|
|
Cost |
|
|
Value |
|
|
Equity (4) |
|
|||||||
U.S. Dollar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Avalon Acquiror, Inc. (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
|
10.83 |
% |
|
3/10/2028 |
|
$ |
|
11,940 |
|
|
|
11,833 |
|
|
|
11,821 |
|
|
|
|
|
Chamber Bidco Limited (17)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
|
9.28 |
% |
|
6/7/2028 |
|
$ |
|
23,423 |
|
|
|
23,234 |
|
|
|
23,423 |
|
|
|
|
|
Smartronix (15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.00 |
% |
|
|
10.17 |
% |
|
11/23/2028 |
|
$ |
|
10,917 |
|
|
|
10,795 |
|
|
|
10,644 |
|
|
|
|
|
Services: Business Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
45,862 |
|
|
$ |
45,888 |
|
|
|
52.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Dollar Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
206,244 |
|
|
$ |
205,304 |
|
|
|
235.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
745,570 |
|
|
$ |
707,683 |
|
|
|
813.2 |
% |
|||
68
Forward Foreign Currency Exchange Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Currency Purchased |
|
Currency Sold |
|
Counterparty |
|
Settlement Date |
|
Appreciation(8) |
|
|
EURO 1,827 |
|
AUSTRALIAN DOLLARS 2,872 |
|
Morgan Stanley |
|
1/18/2023 |
|
$ |
3 |
|
EURO 3,201 |
|
AUSTRALIAN DOLLARS 4,980 |
|
Morgan Stanley |
|
3/15/2023 |
|
|
45 |
|
EURO 756 |
|
CANADIAN DOLLARS 1,029 |
|
Standard Chartered |
|
1/18/2023 |
|
|
49 |
|
EURO 479 |
|
CANADIAN DOLLARS 640 |
|
Morgan Stanley |
|
3/27/2023 |
|
|
41 |
|
EURO 889 |
|
DANISH KRONE 6,612 |
|
Standard Chartered |
|
1/18/2023 |
|
|
— |
|
EURO 796 |
|
BRITISH POUNDS 710 |
|
Standard Chartered |
|
6/14/2023 |
|
|
2 |
|
EURO 2,045 |
|
BRITISH POUNDS 1,800 |
|
Morgan Stanley |
|
2/17/2023 |
|
|
22 |
|
EURO 4,740 |
|
BRITISH POUNDS 4,130 |
|
Morgan Stanley |
|
1/18/2023 |
|
|
95 |
|
EURO 1,099 |
|
BRITISH POUNDS 940 |
|
Morgan Stanley |
|
2/17/2023 |
|
|
41 |
|
EURO 823 |
|
NORWEGIAN KRONE 8,589 |
|
Standard Chartered |
|
1/18/2023 |
|
|
7 |
|
EURO 2,530 |
|
US DOLLARS 2,610 |
|
Morgan Stanley |
|
1/9/2023 |
|
|
98 |
|
EURO 2,009 |
|
US DOLLARS 2,035 |
|
Morgan Stanley |
|
1/18/2023 |
|
|
111 |
|
EURO 940 |
|
US DOLLARS 952 |
|
Morgan Stanley |
|
1/18/2023 |
|
|
52 |
|
EURO 24,252 |
|
US DOLLARS 24,060 |
|
Standard Chartered |
|
1/18/2023 |
|
|
1,856 |
|
EURO 8,460 |
|
US DOLLARS 8,330 |
|
Morgan Stanley |
|
1/9/2023 |
|
|
706 |
|
AUSTRALIAN DOLLARS 4,980 |
|
US DOLLARS 3,394 |
|
Morgan Stanley |
|
2/17/2023 |
|
|
(5 |
) |
CANADIAN DOLLARS 2,610 |
|
US DOLLARS 1,923 |
|
Standard Chartered |
|
1/18/2023 |
|
|
5 |
|
US DOLLARS 7,014 |
|
AUSTRALIAN DOLLARS 11,118 |
|
Morgan Stanley |
|
1/18/2023 |
|
|
(533 |
) |
US DOLLARS 16,512 |
|
AUSTRALIAN DOLLARS 24,280 |
|
Morgan Stanley |
|
2/17/2023 |
|
|
4 |
|
US DOLLARS 1,801 |
|
CANADIAN DOLLARS 2,456 |
|
Morgan Stanley |
|
3/27/2023 |
|
|
(14 |
) |
US DOLLARS 2,902 |
|
CANADIAN DOLLARS 3,981 |
|
Standard Chartered |
|
1/18/2023 |
|
|
(38 |
) |
US DOLLARS 3,412 |
|
DANISH KRONE 25,600 |
|
Standard Chartered |
|
1/18/2023 |
|
|
(267 |
) |
US DOLLARS 5,084 |
|
EURO 5,150 |
|
Morgan Stanley |
|
1/9/2023 |
|
|
(416 |
) |
US DOLLARS 29,446 |
|
EURO 29,700 |
|
Morgan Stanley |
|
1/18/2023 |
|
|
(2,291 |
) |
US DOLLARS 940 |
|
EURO 954 |
|
Standard Chartered |
|
1/18/2023 |
|
|
(80 |
) |
US DOLLARS 21,972 |
|
EURO 20,740 |
|
Standard Chartered |
|
3/9/2023 |
|
|
(274 |
) |
US DOLLARS 1,585 |
|
EURO 1,488 |
|
Standard Chartered |
|
1/18/2023 |
|
|
(5 |
) |
US DOLLARS 1,194 |
|
EURO 1,120 |
|
Standard Chartered |
|
3/9/2023 |
|
|
(7 |
) |
US DOLLARS 6,411 |
|
BRITISH POUNDS 5,650 |
|
Morgan Stanley |
|
2/17/2023 |
|
|
(393 |
) |
US DOLLARS 18,142 |
|
BRITISH POUNDS 15,997 |
|
Goldman Sachs |
|
1/18/2023 |
|
|
(1,111 |
) |
US DOLLARS 5,938 |
|
BRITISH POUNDS 4,970 |
|
Morgan Stanley |
|
2/17/2023 |
|
|
(68 |
) |
US DOLLARS 2,418 |
|
BRITISH POUNDS 2,000 |
|
Standard Chartered |
|
6/14/2023 |
|
|
4 |
|
US DOLLARS 885 |
|
BRITISH POUNDS 720 |
|
Standard Chartered |
|
3/15/2023 |
|
|
18 |
|
US DOLLARS 3,160 |
|
NORWEGIAN KRONE 33,250 |
|
Standard Chartered |
|
1/18/2023 |
|
|
(217 |
) |
|
|
|
|
|
|
|
|
$ |
(2,560 |
) |
69
70
Below is the financial information for ISLP:
Selected Balance Sheet Information
|
|
As of |
|
|
As of |
|
||||
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
||||
Investments at fair value (amortized cost of $705,448 and $745,570, respectively) |
|
$ |
|
686,583 |
|
|
$ |
|
707,683 |
|
Cash and cash equivalents |
|
|
|
18,093 |
|
|
|
|
12,242 |
|
Foreign cash (cost of $29,131 and $10,274, respectively) |
|
|
|
29,581 |
|
|
|
|
10,279 |
|
Collateral on foreign currency exchange contracts |
|
|
|
4,601 |
|
|
|
|
2,624 |
|
Capital contributions receivable |
|
|
|
— |
|
|
|
|
13,162 |
|
Deferred financing costs (net of accumulated amortization of $1,589 and $1,150, respectively) |
|
|
|
2,320 |
|
|
|
|
2,759 |
|
Interest receivable on investments |
|
|
|
9,547 |
|
|
|
|
7,617 |
|
Unrealized appreciation on forward currency contracts |
|
|
|
48 |
|
|
|
|
1,053 |
|
Other receivable |
|
|
|
— |
|
|
|
|
59 |
|
Total assets |
|
$ |
|
750,773 |
|
|
$ |
|
757,478 |
|
|
|
|
|
|
|
|
|
|
||
Debt |
|
$ |
|
350,691 |
|
|
$ |
|
375,260 |
|
Subordinated notes payable to members |
|
|
|
262,998 |
|
|
|
|
262,022 |
|
Payable for investments purchased |
|
|
|
13,015 |
|
|
|
|
10,456 |
|
Interest payable on debt |
|
|
|
7,107 |
|
|
|
|
3,785 |
|
Interest payable on subordinated notes |
|
|
|
17,157 |
|
|
|
|
13,118 |
|
Unrealized depreciation on forward currency exchange contracts |
|
|
|
3,891 |
|
|
|
|
3,613 |
|
Dividend payable |
|
|
|
2,296 |
|
|
|
|
2,195 |
|
Accounts payable and accrued expenses |
|
|
|
273 |
|
|
|
|
— |
|
Total liabilities |
|
$ |
|
657,428 |
|
|
$ |
|
670,449 |
|
Members’ equity |
|
|
|
93,345 |
|
|
|
|
87,029 |
|
Total liabilities and members’ equity |
|
$ |
|
750,773 |
|
|
$ |
|
757,478 |
|
Selected Statements of Operations Information
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
||||||||||||||
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
||||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest Income |
|
$ |
|
17,980 |
|
|
$ |
|
9,394 |
|
|
$ |
|
35,349 |
|
|
$ |
|
17,637 |
|
Total investment income |
|
|
|
17,980 |
|
|
|
|
9,394 |
|
|
|
|
35,349 |
|
|
|
|
17,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and debt financing expenses |
|
|
|
6,028 |
|
|
|
|
1,873 |
|
|
|
|
11,689 |
|
|
|
|
3,764 |
|
Interest expense on members subordinated notes |
|
|
|
8,771 |
|
|
|
|
4,325 |
|
|
|
|
17,157 |
|
|
|
|
8,327 |
|
General and administrative expenses |
|
|
|
762 |
|
|
|
|
595 |
|
|
|
|
1,562 |
|
|
|
|
1,162 |
|
Total expenses |
|
|
|
15,561 |
|
|
|
|
6,793 |
|
|
|
|
30,408 |
|
|
|
|
13,253 |
|
Net investment income |
|
|
|
2,419 |
|
|
|
|
2,601 |
|
|
|
|
4,941 |
|
|
|
|
4,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized and unrealized gain (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized loss on investments |
|
|
|
(1,125 |
) |
|
|
|
(1,219 |
) |
|
|
|
(3,157 |
) |
|
|
|
(1,895 |
) |
Net realized gain (loss) on foreign currency transactions |
|
|
|
(374 |
) |
|
|
|
2,173 |
|
|
|
|
(1,567 |
) |
|
|
|
2,808 |
|
Net realized gain on forward contracts |
|
|
|
145 |
|
|
|
|
723 |
|
|
|
|
18 |
|
|
|
|
2,136 |
|
Net unrealized gain (loss) on foreign contracts |
|
|
|
(5,178 |
) |
|
|
|
15,641 |
|
|
|
|
(7,585 |
) |
|
|
|
19,497 |
|
Net change in unrealized appreciation on forward contracts |
|
|
|
(429 |
) |
|
|
|
3,210 |
|
|
|
|
(1,282 |
) |
|
|
|
2,755 |
|
Net change in unrealized appreciation on investments |
|
|
|
8,886 |
|
|
|
|
(26,547 |
) |
|
|
|
19,021 |
|
|
|
|
(32,970 |
) |
Net gain (loss) on investments |
|
|
|
1,925 |
|
|
|
|
(6,019 |
) |
|
|
|
5,448 |
|
|
|
|
(7,669 |
) |
Net increase (decrease) in members’ equity resulting from operations |
|
$ |
|
4,344 |
|
|
$ |
|
(3,418 |
) |
|
$ |
|
10,389 |
|
|
$ |
|
(3,285 |
) |
71
Bain Capital Senior Loan Program, LLC
On February 9, 2022, the Company, and an entity advised by Amberstone Co., Ltd. (“Amberstone”), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, Bain Capital Senior Loan Program, LLC ("SLP"), an unconsolidated joint venture. Pursuant to an amended and restated limited liability company agreement (the “LLC Agreement”) between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP. Amberstone’s initial capital commitments to SLP are $179.0 million, with each party expected to maintain their pro rata proportionate share for each capital contribution. SLP will seek to invest primarily in senior secured first lien loans of U.S. borrowers. Through these capital contributions, SLP acquired 70% of the membership equity interests of the Company’s 2018‑1 portfolio (“2018‑1”). The Company retained 30% of the 2018‑1 membership equity interests as a non-controlling equity interest. As of June 30, 2023, the Company’s investment in SLP consisted of subordinated notes of $116.0 million, preferred equity interests of ($1.1) million and equity interests of $1.9 million. As of December 31, 2022, the Company’s investment in SLP consisted of subordinated notes of $51.0 million, preferred equity interests of ($0.6) million and equity interests of $3.3 million.
In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to SLP. Since inception, the Company has sold $917.6 million of its investments to SLP. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale.
The Company has determined that SLP is an investment company under ASC, Topic 946, Financial Services—Investment Companies; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly or substantially owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its investments in SLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control SLP due to the allocation of voting rights among SLP members. The Company measures the fair value of SLP in accordance with ASC Subtopic 820, Fair Value Measurements and Disclosures, using the net asset value (or its equivalent) as a practical expedient. The Company and Amberstone each appointed two members to SLP’s four-person Member Designees’ Committee. All material decisions with respect to SLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee.
On March 7, 2022, SLP acquired 70% of the Company’s Membership Interests of BCC Middle Market CLO 2018‑1 LLC (the “2018‑1 Issuer”). The Company received $56.1 million in proceeds resulting in a realized gain of $1.2 million, which is included in net realized gain in non-controlled/non-affiliate investments. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale. Through this acquisition, the 2018‑1 Issuer became a consolidated subsidiary of SLP and was deconsolidated from the Company’s consolidated financial statements. The Company retained the remaining 30% of the 2018‑1 membership interests as a non-controlling equity interest. Please see Note 6 for additional details on the formation of the 2018‑1 Issuer and the related CLO Transaction.
On June 15, 2023, the Company entered into a First Supplemental Indenture (“2018-1 Supplemental Indenture”), dated as of June 15, 2023, pursuant to Section 8.1(xxxi) of the Indenture, dated as of September 28, 2018, between BCC Middle Market CLO 2018-1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee. The 2018-1 Supplemental Indenture provides for, among other things, an adoption of an alternate reference rate of Term SOFR plus 0.26161%, effective July 1, 2023.
The Class A‑1 A, A‑1 B, A‑2, B and C 2018‑1 Notes (the “2018‑1 Notes”) are scheduled to mature on October 20, 2030 and are included in SLP’s consolidated financial statements. The Membership Interests are eliminated in consolidation on SLP’s consolidated financial statements. Below is a table summary of the 2018‑1 Notes as of June 30, 2023:
|
|
|
|
|
|
|
|
|
|
Interest rate at |
|
|
|||
2018-1 Debt |
|
Principal Amount |
|
|
Spread above Index |
|
June 30, 2023 |
|
|
||||||
Class A-1 A |
|
$ |
|
158,762 |
|
|
|
1.55 |
|
% + 3 Month LIBOR |
|
|
6.80 |
|
% |
Class A-1 B |
|
|
|
34,698 |
|
|
|
1.80 |
|
% + 3 Month LIBOR |
|
|
7.05 |
|
% |
Class A-2 |
|
|
|
55,100 |
|
|
|
2.15 |
|
% + 3 Month LIBOR |
|
|
7.40 |
|
% |
Class B |
|
|
|
29,300 |
|
|
|
3.00 |
|
% + 3 Month LIBOR |
|
|
8.25 |
|
% |
Class C |
|
|
|
30,400 |
|
|
|
4.00 |
|
% + 3 Month LIBOR |
|
|
9.25 |
|
% |
Total 2018-1 Notes |
|
$ |
|
308,260 |
|
|
|
|
|
|
|
|
|
||
72
Additionally, SLP, through a wholly-owned subsidiary, has entered into a $225.0 million senior secured revolving credit facility which bears interest at SOFR plus 210 basis points with Wells Fargo, subject to leverage and borrowing base restrictions (the “MM_22_2 Credit Facility”). The maturity date of the MM_22_2 Credit Facility is August 24, 2025. As of June 30, 2023 the MM_22_2 Credit Facility had $219.8 million of outstanding debt under the credit facility. As of June 30, 2023, the effective rate on the MM_22_2 Credit Facility was 7.2% per annum. As of December 31, 2022 the MM_22_2 Credit Facility had $113.7 million of outstanding debt under the credit facility. As of December 31, 2022, the effective rate on the MM_22_2 Credit Facility was 6.4% per annum.
The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding as of June 30, 2023 was 6.9%. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the year ended December 31, 2022 was 4.3%.
Below is a summary of SLP’s portfolio at fair value:
|
|
As of |
|
|
|
As of |
|
|
||||
|
|
June 30, 2023 |
|
|
|
December 31, 2022 |
|
|
||||
Total investments |
|
$ |
|
830,104 |
|
|
|
$ |
|
546,654 |
|
|
Weighted average yield on investments |
|
|
|
11.5 |
|
% |
|
|
|
10.6 |
|
% |
Number of borrowers in SLP |
|
|
|
60 |
|
|
|
|
|
48 |
|
|
Largest portfolio company investment |
|
$ |
|
32,532 |
|
|
|
$ |
|
23,016 |
|
|
Total of five largest portfolio company investments |
|
$ |
|
147,880 |
|
|
|
$ |
|
111,597 |
|
|
Unfunded commitments |
|
$ |
|
1,628 |
|
|
|
$ |
|
1,838 |
|
|
73
Below is a listing of SLP’s individual investments as of June 30, 2023:
Senior Loan Program, LLC
Consolidated Schedule of Investments
As of June 30, 2023
|
|
|
|
|
|
|
|
Interest |
|
Maturity |
|
|
|
|
|
Market |
|
% of Members |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
Rate |
|
Date |
|
Principal (9) |
|
Cost |
|
Value |
|
Equity (4) |
|
|||||||
U.S. Dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Robinson Helicopter (12)(15)(19)(34) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
6.50 |
% |
|
11.70 |
% |
6/30/2028 |
|
$ |
|
31,817 |
|
|
31,413 |
|
|
31,817 |
|
|
|
|
Saturn Purchaser Corp. (15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.60 |
% |
|
10.69 |
% |
7/23/2029 |
|
$ |
|
21,644 |
|
|
21,541 |
|
|
21,644 |
|
|
|
|
Whitcraft-Paradigm (18)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.00 |
% |
|
12.34 |
% |
2/28/2029 |
|
$ |
|
9,975 |
|
|
9,877 |
|
|
9,875 |
|
|
|
|
Aerospace & Defense Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,831 |
|
|
63,336 |
|
|
327.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Automotive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cardo (12)(17)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
11.08 |
% |
5/12/2028 |
|
$ |
|
10,800 |
|
|
10,800 |
|
|
10,800 |
|
|
|
|
Gills Point S (15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.00 |
% |
|
12.09 |
% |
5/15/2029 |
|
$ |
|
10,000 |
|
|
10,000 |
|
|
10,000 |
|
|
|
|
Intoxalock (15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.75 |
% |
|
12.00 |
% |
11/1/2028 |
|
$ |
|
17,186 |
|
|
17,018 |
|
|
17,100 |
|
|
|
|
JHCC Holdings, LLC (15)(19)(34) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
5.50 |
% |
|
10.89 |
% |
9/9/2025 |
|
$ |
|
8,290 |
|
|
8,198 |
|
|
8,290 |
|
|
|
|
JHCC Holdings, LLC (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.50 |
% |
|
10.89 |
% |
9/9/2025 |
|
$ |
|
16,531 |
|
|
16,353 |
|
|
16,531 |
|
|
|
|
Automotive Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,369 |
|
|
62,721 |
|
|
323.8 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Banking, Finance, Insurance & Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Morrow Sodali Global LLC (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.00 |
% |
|
10.20 |
% |
4/25/2028 |
|
$ |
|
7,879 |
|
|
7,781 |
|
|
7,801 |
|
|
|
|
Banking, Finance, Insurance & Real Estate Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,781 |
|
|
7,801 |
|
|
40.3 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Hultec(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
11.64 |
% |
3/31/2029 |
|
$ |
|
6,546 |
|
|
6,351 |
|
|
6,349 |
|
|
|
|
V Global Holdings LLC (12)(16)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
10.87 |
% |
12/22/2027 |
|
$ |
|
20,217 |
|
|
20,111 |
|
|
19,914 |
|
|
|
|
Chemicals, Plastics & Rubber Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,462 |
|
|
26,263 |
|
|
135.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Construction & Building |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
YLG Holdings, Inc. (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.00 |
% |
|
10.18 |
% |
10/31/2025 |
|
$ |
|
20,454 |
|
|
20,454 |
|
|
20,454 |
|
|
|
|
Construction & Building Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,454 |
|
|
20,454 |
|
|
105.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer Goods: Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
New Milani Group LLC (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.50 |
% |
|
10.70 |
% |
6/6/2024 |
|
$ |
|
9,974 |
|
|
9,974 |
|
|
9,974 |
|
|
|
|
Stanton Carpet (12)(15)(19) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
|
9.00 |
% |
|
14.42 |
% |
3/31/2028 |
|
$ |
|
5,000 |
|
|
4,920 |
|
|
5,000 |
|
|
|
|
TLC Purchaser, Inc. (12)(15)(19)(26) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
2.26% (6.25% PIK) |
|
|
13.77 |
% |
10/13/2025 |
|
$ |
|
10,243 |
|
|
9,525 |
|
|
8,015 |
|
|
|
||
Consumer Goods: Durable Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,419 |
|
|
22,989 |
|
|
118.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer Goods: Non-Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FL Hawk Intermediate Holdings, Inc. (12)(15)(19) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
|
9.00 |
% |
|
14.50 |
% |
8/22/2028 |
|
$ |
|
6,000 |
|
|
6,000 |
|
|
6,000 |
|
|
|
|
RoC Opco LLC (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.60 |
% |
|
12.84 |
% |
2/25/2025 |
|
$ |
|
8,708 |
|
|
8,708 |
|
|
8,708 |
|
|
|
|
Solaray, LLC (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
11.61 |
% |
9/9/2023 |
|
$ |
|
10,552 |
|
|
10,552 |
|
|
10,367 |
|
|
|
|
WU Holdco, Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.50 |
% |
|
10.89 |
% |
3/26/2026 |
|
$ |
|
6,494 |
|
|
6,494 |
|
|
6,169 |
|
|
|
|
WU Holdco, Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.50 |
% |
|
10.89 |
% |
3/26/2026 |
|
$ |
|
6,286 |
|
|
6,286 |
|
|
5,972 |
|
|
|
|
Consumer Goods: Non-Durable Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,040 |
|
|
37,216 |
|
|
192.1 |
% |
|||
74
|
|
|
|
|
|
|
|
Interest |
|
Maturity |
|
|
|
|
|
Market |
|
% of Members |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
Rate |
|
Date |
|
Principal (9) |
|
Cost |
|
Value |
|
Equity (4) |
|
|||||||
U.S. Dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer Goods: Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
WSP Initial Term Loan (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
11.45 |
% |
4/27/2027 |
|
$ |
|
5,640 |
|
|
5,567 |
|
|
4,964 |
|
|
|
|
Consumer Goods: Wholesale Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,567 |
|
|
4,964 |
|
|
25.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Containers, Packaging & Glass |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ASP-r-pac Acquisition Co LLC (12)(16)(19)(34) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.00 |
% |
|
11.31 |
% |
12/29/2027 |
|
$ |
|
22,935 |
|
|
22,734 |
|
|
22,361 |
|
|
|
|
Iris Holding, Inc. (17)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.75 |
% |
|
9.90 |
% |
6/28/2028 |
|
$ |
|
9,925 |
|
|
9,512 |
|
|
8,452 |
|
|
|
|
Containers, Packaging & Glass Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,246 |
|
|
30,813 |
|
|
159.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Energy: Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amspec Services, Inc. (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
10.96 |
% |
7/2/2024 |
|
$ |
|
19,667 |
|
|
19,667 |
|
|
19,667 |
|
|
|
|
Blackbrush Oil & Gas, L.P. (12)(15)(19)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
5.00% (2.00% PIK) |
|
|
12.65 |
% |
9/3/2025 |
|
$ |
|
4,460 |
|
|
4,460 |
|
|
4,460 |
|
|
|
||
Energy: Oil & Gas Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,127 |
|
|
24,127 |
|
|
124.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FIRE: Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Allworth Financial Group, L.P. (12)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
5.00 |
% |
|
10.20 |
% |
12/23/2026 |
|
$ |
|
2,122 |
|
|
2,122 |
|
|
2,080 |
|
|
|
|
Allworth Financial Group, L.P. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.00 |
% |
|
10.20 |
% |
12/23/2026 |
|
$ |
|
8,388 |
|
|
8,388 |
|
|
8,220 |
|
|
|
|
FIRE: Finance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,510 |
|
|
10,300 |
|
|
53.2 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FIRE: Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Margaux Acquisition Inc. (15)(19)(34) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
5.75 |
% |
|
11.15 |
% |
12/19/2024 |
|
$ |
|
9,058 |
|
|
9,058 |
|
|
9,058 |
|
|
|
|
Margaux Acquisition Inc. (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
11.15 |
% |
12/19/2024 |
|
$ |
|
11,313 |
|
|
11,313 |
|
|
11,313 |
|
|
|
|
Simplicity (18)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
11.64 |
% |
12/2/2026 |
|
$ |
|
19,950 |
|
|
19,357 |
|
|
19,352 |
|
|
|
|
FIRE: Insurance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,728 |
|
|
39,723 |
|
|
205.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Apollo Intelligence (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
10.91 |
% |
6/1/2028 |
|
$ |
|
10,719 |
|
|
10,629 |
|
|
10,719 |
|
|
|
|
CPS Group Holdings, Inc. (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.25 |
% |
|
10.64 |
% |
3/3/2025 |
|
$ |
|
19,653 |
|
|
19,611 |
|
|
19,653 |
|
|
|
|
SunMed Group Holdings, LLC (12)(16)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
11.09 |
% |
6/16/2028 |
|
$ |
|
9,581 |
|
|
9,581 |
|
|
9,246 |
|
|
|
|
Healthcare & Pharmaceuticals Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,821 |
|
|
39,618 |
|
|
204.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AMI US Holdings Inc. (3)(12)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
5.25 |
% |
|
10.45 |
% |
4/1/2024 |
|
$ |
|
66 |
|
|
66 |
|
|
66 |
|
|
|
|
AMI US Holdings Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.25 |
% |
|
10.50 |
% |
4/1/2025 |
|
$ |
|
2,799 |
|
|
2,799 |
|
|
2,799 |
|
|
|
|
AMI US Holdings Inc. (3)(12)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
5.25 |
% |
|
10.45 |
% |
4/1/2024 |
|
$ |
|
143 |
|
|
143 |
|
|
143 |
|
|
|
|
AMI US Holdings Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.25 |
% |
|
10.45 |
% |
4/1/2025 |
|
$ |
|
6,058 |
|
|
6,058 |
|
|
6,058 |
|
|
|
|
Applitools (19)(32) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
11.35 |
% |
5/25/2029 |
|
$ |
|
10,383 |
|
|
10,287 |
|
|
10,123 |
|
|
|
|
Drilling Info Holdings, Inc (12)(18)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.25 |
% |
|
9.50 |
% |
7/30/2025 |
|
$ |
|
20,315 |
|
|
19,934 |
|
|
19,414 |
|
|
|
|
NearMap (18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.25 |
% |
|
12.45 |
% |
12/9/2029 |
|
$ |
|
10,000 |
|
|
9,809 |
|
|
9,900 |
|
|
|
|
Superna Inc. (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.50 |
% |
|
11.74 |
% |
3/6/2028 |
|
$ |
|
33,624 |
|
|
33,226 |
|
|
32,532 |
|
|
|
|
Ventiv Holdco, Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.50 |
% |
|
10.84 |
% |
9/3/2025 |
|
$ |
|
9,865 |
|
|
9,865 |
|
|
9,717 |
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92,187 |
|
|
90,752 |
|
|
468.5 |
% |
|||
75
|
|
|
|
|
|
|
|
Interest |
|
Maturity |
|
|
|
|
|
Market |
|
% of Members |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
Rate |
|
Date |
|
Principal (9) |
|
Cost |
|
Value |
|
Equity (4) |
|
|||||||
U.S. Dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Hotel, Gaming & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Aimbridge Acquisition Co., Inc. (12)(18)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
|
7.50 |
% |
|
12.67 |
% |
2/1/2027 |
|
$ |
|
6,000 |
|
|
5,653 |
|
|
5,700 |
|
|
|
|
Concert Golf Partners Holdco (12)(16)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.50 |
% |
|
10.93 |
% |
3/30/2029 |
|
$ |
|
20,592 |
|
|
20,238 |
|
|
20,592 |
|
|
|
|
Pyramid Global Hospitality (15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
8.00 |
% |
|
13.08 |
% |
1/19/2027 |
|
$ |
|
15,960 |
|
|
15,510 |
|
|
15,641 |
|
|
|
|
Saltoun (12)(18)(19) |
|
First Lien Senior Secured Loan |
|
|
|
|
11.00 |
% |
|
11.00 |
% |
4/11/2028 |
|
$ |
|
10,421 |
|
|
10,397 |
|
|
9,379 |
|
|
|
|
Hotel, Gaming & Leisure Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,798 |
|
|
51,312 |
|
|
264.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
New Look (Delaware) Corporation (15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.50 |
% |
|
10.89 |
% |
5/26/2028 |
|
$ |
|
9,604 |
|
|
9,236 |
|
|
9,220 |
|
|
|
|
Thrasio, LLC (12)(15) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.00 |
% |
|
12.50 |
% |
12/18/2026 |
|
$ |
|
12,979 |
|
|
12,979 |
|
|
10,124 |
|
|
|
|
Retail Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,215 |
|
|
19,344 |
|
|
99.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AMCP Clean Acquisition Company, LLC (18) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.40 |
% |
|
9.66 |
% |
7/10/2025 |
|
$ |
|
8,319 |
|
|
7,617 |
|
|
7,487 |
|
|
|
|
AMCP Clean Acquisition Company, LLC (18) |
|
First Lien Senior Secured Loan-Delayed Draw |
|
SOFR |
|
|
4.40 |
% |
|
9.66 |
% |
7/10/2025 |
|
$ |
|
1,655 |
|
|
1,515 |
|
|
1,490 |
|
|
|
|
Avalon Acquiror, Inc. (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
11.49 |
% |
3/10/2028 |
|
$ |
|
32,547 |
|
|
32,265 |
|
|
31,733 |
|
|
|
|
Refine Intermediate, Inc. (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.50 |
% |
|
9.74 |
% |
3/3/2027 |
|
$ |
|
19,712 |
|
|
19,712 |
|
|
19,712 |
|
|
|
|
Smartronix (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.00 |
% |
|
11.21 |
% |
11/23/2028 |
|
$ |
|
13,002 |
|
|
12,794 |
|
|
12,839 |
|
|
|
|
TEI Holdings Inc. (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.25 |
% |
|
10.64 |
% |
12/23/2026 |
|
$ |
|
19,134 |
|
|
19,134 |
|
|
19,134 |
|
|
|
|
WCI Gigawatt Purchaser (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
11.13 |
% |
11/19/2027 |
|
$ |
|
20,538 |
|
|
20,269 |
|
|
20,127 |
|
|
|
|
WCI Gigawatt Purchaser (15)(19) |
|
First Lien Senior Secured Loan-Delayed Draw |
|
L |
|
|
5.75 |
% |
|
11.13 |
% |
11/19/2027 |
|
$ |
|
4,804 |
|
|
4,708 |
|
|
4,708 |
|
|
|
|
Services: Business Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
118,014 |
|
|
117,230 |
|
|
605.2 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Eagle Parent Corp (12)(16) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.25 |
% |
|
9.49 |
% |
4/2/2029 |
|
$ |
|
3,326 |
|
|
3,317 |
|
|
3,253 |
|
|
|
|
MZR Buyer, LLC (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.75 |
% |
|
11.93 |
% |
12/21/2026 |
|
$ |
|
27,654 |
|
|
27,584 |
|
|
26,963 |
|
|
|
|
Services: Consumer Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,901 |
|
|
30,216 |
|
|
156.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Telecommunications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Meriplex Communications, Ltd. (16)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.75 |
% |
|
9.93 |
% |
7/17/2028 |
|
$ |
|
14,964 |
|
|
14,759 |
|
|
14,964 |
|
|
|
|
Taoglas (15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.00 |
% |
|
12.24 |
% |
2/28/2029 |
|
$ |
|
10,000 |
|
|
9,902 |
|
|
9,900 |
|
|
|
|
Telecommunications Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,661 |
|
|
24,864 |
|
|
128.4 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Transportation: Cargo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
A&R Logistics, Inc. (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
11.15 |
% |
5/5/2025 |
|
$ |
|
20,587 |
|
|
20,587 |
|
|
20,587 |
|
|
|
|
Grammer Purchaser, Inc. (3)(12)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
4.50 |
% |
|
9.70 |
% |
9/30/2024 |
|
$ |
|
207 |
|
|
207 |
|
|
207 |
|
|
|
|
Grammer Purchaser, Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.50 |
% |
|
9.99 |
% |
9/30/2024 |
|
$ |
|
3,428 |
|
|
3,428 |
|
|
3,428 |
|
|
|
|
Gulf Winds International (18)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.10 |
% |
|
12.19 |
% |
12/16/2028 |
|
$ |
|
14,303 |
|
|
13,979 |
|
|
14,231 |
|
|
|
|
Omni Intermediate (15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.00 |
% |
|
10.39 |
% |
11/23/2026 |
|
$ |
|
7,196 |
|
|
7,196 |
|
|
7,196 |
|
|
|
|
Omni Logistics, LLC (12)(15)(19) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
|
9.15 |
% |
|
14.39 |
% |
12/30/2027 |
|
$ |
|
5,000 |
|
|
5,000 |
|
|
5,000 |
|
|
|
|
RoadOne (19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
11.11 |
% |
12/29/2028 |
|
$ |
|
7,004 |
|
|
6,807 |
|
|
6,863 |
|
|
|
|
Transportation: Cargo Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,204 |
|
|
57,512 |
|
|
296.8 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Transportation: Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
PrimeFlight Acquisition LLC (15)(19)(34) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
6.85 |
% |
|
11.94 |
% |
5/1/2029 |
|
$ |
|
20,000 |
|
|
19,400 |
|
|
19,400 |
|
|
|
|
Transportation: Consumer Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,400 |
|
|
19,400 |
|
|
100.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Abracon Group Holding, LLC. (18)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
10.89 |
% |
7/6/2028 |
|
$ |
|
11,910 |
|
|
11,707 |
|
|
11,433 |
|
|
|
|
Aramsco, Inc. (12)(18)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
10.95 |
% |
8/28/2024 |
|
$ |
|
9,435 |
|
|
9,435 |
|
|
9,435 |
|
|
|
|
SureWerx (18)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.75 |
% |
|
11.99 |
% |
12/14/2029 |
|
$ |
|
8,344 |
|
|
8,147 |
|
|
8,281 |
|
|
|
|
Wholesale Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,289 |
|
|
29,149 |
|
|
150.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
840,024 |
|
|
830,104 |
|
|
4285.5 |
% |
|||
76
77
Below is a listing of SLP’s individual investments as of December 31, 2022:
Senior Loan Program, LLC
Consolidated Schedule of Investments
As of December 31, 2022
|
|
|
|
|
|
|
|
Interest |
|
Maturity |
|
|
|
|
|
Market |
|
% of |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
Rate |
|
Date |
|
Principal (9) |
|
Cost |
|
Value |
|
Equity (4) |
|
|||||||
U.S. Dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Robinson Helicopter (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.50 |
% |
|
10.92 |
% |
6/30/2028 |
|
$ |
|
22,515 |
|
|
22,059 |
|
|
22,177 |
|
|
|
|
Saturn Purchaser Corp. (15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.60 |
% |
|
8.54 |
% |
7/23/2029 |
|
$ |
|
12,000 |
|
|
11,886 |
|
|
12,000 |
|
|
|
|
Whitcraft LLC (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
7.00 |
% |
|
11.73 |
% |
4/3/2023 |
|
$ |
|
10,683 |
|
|
10,603 |
|
|
10,683 |
|
|
|
|
Aerospace & Defense Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
44,548 |
|
$ |
44,860 |
|
|
194.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Automotive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cardo (12)(17)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.00 |
% |
|
10.21 |
% |
5/12/2028 |
|
$ |
|
10,800 |
|
|
10,800 |
|
|
10,800 |
|
|
|
|
Intoxalock (15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.75 |
% |
|
11.18 |
% |
11/1/2028 |
|
$ |
|
10,000 |
|
|
9,901 |
|
|
9,900 |
|
|
|
|
JHCC Holdings, LLC (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
10.48 |
% |
9/9/2025 |
|
$ |
|
7,521 |
|
|
7,521 |
|
|
7,351 |
|
|
|
|
Automotive Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
28,222 |
|
$ |
28,051 |
|
|
121.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Banking, Finance, Insurance & Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Morrow Sodali Global LLC (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.00 |
% |
|
9.21 |
% |
4/25/2028 |
|
$ |
|
7,939 |
|
|
7,830 |
|
|
7,820 |
|
|
|
|
Banking, Finance, Insurance & Real Estate Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,830 |
|
$ |
7,820 |
|
|
33.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
V Global Holdings LLC (12)(16)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
8.99 |
% |
12/22/2027 |
|
$ |
|
20,319 |
|
|
20,201 |
|
|
19,557 |
|
|
|
|
Chemicals, Plastics & Rubber Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
20,201 |
|
$ |
19,557 |
|
|
84.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Construction & Building |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
YLG Holdings, Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.00 |
% |
|
9.93 |
% |
10/31/2025 |
|
$ |
|
10,534 |
|
|
10,534 |
|
|
10,534 |
|
|
|
|
Construction & Building Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,534 |
|
$ |
10,534 |
|
|
45.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer Goods: Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stanton Carpet (12)(15)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
|
9.00 |
% |
|
13.77 |
% |
3/31/2028 |
|
$ |
|
5,000 |
|
|
4,913 |
|
|
5,000 |
|
|
|
|
TLC Purchaser, Inc. (12)(15)(19)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
6.25% (2.00% PIK) |
|
|
11.02 |
% |
10/13/2025 |
|
$ |
|
9,976 |
|
|
9,097 |
|
|
7,806 |
|
|
|
||
Consumer Goods: Durable Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,010 |
|
$ |
12,806 |
|
|
55.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer Goods: Non-Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FL Hawk Intermediate Holdings, Inc. (12)(15)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
|
9.00 |
% |
|
13.73 |
% |
8/22/2028 |
|
$ |
|
6,000 |
|
|
6,000 |
|
|
6,000 |
|
|
|
|
RoC Opco LLC (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
8.00 |
% |
|
12.73 |
% |
2/25/2025 |
|
$ |
|
8,753 |
|
|
8,753 |
|
|
8,753 |
|
|
|
|
Solaray, LLC (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
10.43 |
% |
9/9/2023 |
|
$ |
|
10,637 |
|
|
10,637 |
|
|
10,584 |
|
|
|
|
WU Holdco, Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
10.23 |
% |
3/26/2026 |
|
$ |
|
6,527 |
|
|
6,526 |
|
|
6,136 |
|
|
|
|
WU Holdco, Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.50 |
% |
|
10.23 |
% |
3/26/2026 |
|
$ |
|
6,319 |
|
|
6,319 |
|
|
5,940 |
|
|
|
|
Consumer Goods: Non-Durable Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
38,235 |
|
$ |
37,413 |
|
|
162.3 |
% |
|||
78
|
|
|
|
|
|
|
|
Interest |
|
Maturity |
|
|
|
|
|
Market |
|
% of |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
Rate |
|
Date |
|
Principal (9) |
|
Cost |
|
Value |
|
Equity (4) |
|
|||||||
U.S. Dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consumer Goods: Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
WSP Initial Term Loan (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.25 |
% |
|
10.63 |
% |
4/27/2027 |
|
$ |
|
6,125 |
|
|
6,036 |
|
|
5,589 |
|
|
|
|
Consumer Goods: Wholesale Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,036 |
|
$ |
5,589 |
|
|
24.3 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Containers, Packaging & Glass |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ASP-r-pac Acquisition Co LLC (12)(16)(19)(34) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.00 |
% |
|
10.38 |
% |
12/29/2027 |
|
$ |
|
23,051 |
|
|
22,827 |
|
|
22,763 |
|
|
|
|
Iris Holding, Inc. (17)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.75 |
% |
|
8.94 |
% |
6/28/2028 |
|
$ |
|
9,975 |
|
|
9,519 |
|
|
9,097 |
|
|
|
|
Containers, Packaging & Glass Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
32,346 |
|
$ |
31,860 |
|
|
138.2 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Energy: Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amspec Services, Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
10.48 |
% |
7/2/2024 |
|
$ |
|
9,771 |
|
|
9,771 |
|
|
9,771 |
|
|
|
|
Blackbrush Oil & Gas, L.P. (12)(15)(19)(26) |
|
First Lien Senior Secured Loan |
|
L |
|
5.00% (2.00% PIK) |
|
|
10.18 |
% |
9/3/2025 |
|
$ |
|
4,416 |
|
|
4,416 |
|
|
4,416 |
|
|
|
||
Energy: Oil & Gas Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,187 |
|
$ |
14,187 |
|
|
61.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FIRE: Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Allworth Financial Group, L.P. (12)(15)(19) |
|
First Lien Senior Secured Loan - Delayed Draw |
|
SOFR |
|
|
4.75 |
% |
|
9.17 |
% |
12/23/2026 |
|
$ |
|
2,133 |
|
|
2,133 |
|
|
2,069 |
|
|
|
|
Allworth Financial Group, L.P. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.75 |
% |
|
9.17 |
% |
12/23/2026 |
|
$ |
|
8,431 |
|
|
8,431 |
|
|
8,178 |
|
|
|
|
FIRE: Finance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,564 |
|
$ |
10,247 |
|
|
44.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FIRE: Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Margaux Acquisition Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
9.49 |
% |
12/19/2024 |
|
$ |
|
10,451 |
|
|
10,451 |
|
|
10,451 |
|
|
|
|
FIRE: Insurance Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,451 |
|
$ |
10,451 |
|
|
45.4 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Apollo Intelligence (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
9.93 |
% |
6/1/2028 |
|
$ |
|
10,692 |
|
|
10,594 |
|
|
10,692 |
|
|
|
|
CPS Group Holdings, Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.75 |
% |
|
10.48 |
% |
3/3/2025 |
|
$ |
|
9,776 |
|
|
9,776 |
|
|
9,728 |
|
|
|
|
SunMed Group Holdings, LLC (12)(16)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
10.48 |
% |
6/16/2028 |
|
$ |
|
9,630 |
|
|
9,630 |
|
|
9,028 |
|
|
|
|
Healthcare & Pharmaceuticals Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
30,000 |
|
$ |
29,448 |
|
|
127.8 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AMI US Holdings Inc. (3)(12)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
|
|
|
|
|
|
4/1/2024 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
|||
AMI US Holdings Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.25 |
% |
|
9.63 |
% |
4/1/2025 |
|
$ |
|
8,903 |
|
|
8,903 |
|
|
8,903 |
|
|
|
|
Drilling Info Holdings, Inc (12)(18) |
|
First Lien Senior Secured Loan |
|
L |
|
|
4.25 |
% |
|
8.63 |
% |
7/30/2025 |
|
$ |
|
10,774 |
|
|
10,693 |
|
|
10,397 |
|
|
|
|
Superna Inc. (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.50 |
% |
|
11.24 |
% |
3/6/2028 |
|
$ |
|
21,614 |
|
|
21,423 |
|
|
21,182 |
|
|
|
|
Ventiv Holdco, Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.50 |
% |
|
10.18 |
% |
9/3/2025 |
|
$ |
|
9,797 |
|
|
9,797 |
|
|
9,626 |
|
|
|
|
High Tech Industries Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
50,816 |
|
$ |
50,108 |
|
|
217.5 |
% |
|||
79
|
|
|
|
|
|
|
|
Interest |
|
Maturity |
|
|
|
|
|
Market |
|
% of |
|
|||||||
Portfolio Company |
|
Investment Type |
|
Index (1) |
|
Spread (1) |
|
Rate |
|
Date |
|
Principal (9) |
|
Cost |
|
Value |
|
Equity (4) |
|
|||||||
U.S. Dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Hotel, Gaming & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Aimbridge Acquisition Co., Inc. (12)(18)(19) |
|
Second Lien Senior Secured Loan |
|
L |
|
|
7.50 |
% |
|
11.62 |
% |
2/1/2027 |
|
$ |
|
6,000 |
|
|
5,605 |
|
|
5,700 |
|
|
|
|
Concert Golf Partners Holdco (12)(16)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.50 |
% |
|
10.28 |
% |
3/30/2029 |
|
$ |
|
20,696 |
|
|
20,309 |
|
|
20,696 |
|
|
|
|
Saltoun (12)(18)(19) |
|
First Lien Senior Secured Loan |
|
|
|
|
11.00 |
% |
|
11.00 |
% |
4/11/2028 |
|
$ |
|
10,419 |
|
|
10,393 |
|
|
10,106 |
|
|
|
|
Hotel, Gaming & Leisure Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
36,307 |
|
$ |
36,502 |
|
|
158.4 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Batteries Plus Holding Corporation (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.75 |
% |
|
11.13 |
% |
6/30/2023 |
|
$ |
|
10,500 |
|
|
10,500 |
|
|
10,500 |
|
|
|
|
Thrasio, LLC (12)(15) |
|
First Lien Senior Secured Loan |
|
L |
|
|
7.00 |
% |
|
11.17 |
% |
12/18/2026 |
|
$ |
|
13,046 |
|
|
13,046 |
|
|
11,562 |
|
|
|
|
Retail Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
23,546 |
|
$ |
22,062 |
|
|
95.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Avalon Acquiror, Inc. (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.25 |
% |
|
10.83 |
% |
3/10/2028 |
|
$ |
|
22,686 |
|
|
22,482 |
|
|
22,459 |
|
|
|
|
Refine Intermediate, Inc. (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
L |
|
|
4.50 |
% |
|
9.23 |
% |
3/3/2027 |
|
$ |
|
20,800 |
|
|
20,800 |
|
|
20,800 |
|
|
|
|
Smartronix (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
6.00 |
% |
|
10.17 |
% |
11/23/2028 |
|
$ |
|
13,068 |
|
|
12,839 |
|
|
12,742 |
|
|
|
|
TEI Holdings Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
10.48 |
% |
12/23/2026 |
|
$ |
|
9,238 |
|
|
9,238 |
|
|
9,238 |
|
|
|
|
WCI Gigawatt Purchaser (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.75 |
% |
|
10.41 |
% |
11/19/2027 |
|
$ |
|
20,694 |
|
|
20,393 |
|
|
20,280 |
|
|
|
|
Services: Business Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
85,752 |
|
$ |
85,519 |
|
|
371.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Services: Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Eagle Parent Corp (12)(16) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.25 |
% |
|
8.83 |
% |
4/2/2029 |
|
$ |
|
3,344 |
|
|
3,334 |
|
|
3,291 |
|
|
|
|
MZR Buyer, LLC (12)(15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.75 |
% |
|
11.72 |
% |
12/21/2026 |
|
$ |
|
23,016 |
|
|
23,016 |
|
|
23,016 |
|
|
|
|
Services: Consumer Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
26,350 |
|
$ |
26,307 |
|
|
114.2 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Telecommunications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Conterra Ultra Broadband Holdings, Inc. (15)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
4.75 |
% |
|
9.18 |
% |
4/27/2027 |
|
$ |
|
3,802 |
|
|
3,691 |
|
|
3,668 |
|
|
|
|
Meriplex Communications, Ltd. (16)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.00 |
% |
|
9.42 |
% |
7/17/2028 |
|
$ |
|
12,000 |
|
|
11,774 |
|
|
11,880 |
|
|
|
|
Telecommunications Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,465 |
|
$ |
15,548 |
|
|
67.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Transportation: Cargo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
A&R Logistics, Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
6.00 |
% |
|
9.71 |
% |
5/5/2025 |
|
$ |
|
10,668 |
|
|
10,668 |
|
|
10,668 |
|
|
|
|
Grammer Purchaser, Inc. (3)(12)(15)(19) |
|
First Lien Senior Secured Loan - Revolver |
|
SOFR |
|
|
4.50 |
% |
|
8.79 |
% |
9/30/2024 |
|
$ |
|
207 |
|
|
207 |
|
|
207 |
|
|
|
|
Grammer Purchaser, Inc. (12)(15)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
4.50 |
% |
|
9.72 |
% |
9/30/2024 |
|
$ |
|
3,463 |
|
|
3,463 |
|
|
3,463 |
|
|
|
|
Omni Intermediate (15)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.00 |
% |
|
9.73 |
% |
11/23/2026 |
|
$ |
|
7,232 |
|
|
7,232 |
|
|
7,232 |
|
|
|
|
Omni Logistics, LLC (12)(15)(19) |
|
Second Lien Senior Secured Loan |
|
SOFR |
|
|
9.00 |
% |
|
13.69 |
% |
12/30/2027 |
|
$ |
|
5,000 |
|
|
5,000 |
|
|
5,000 |
|
|
|
|
Transportation: Cargo Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
26,570 |
|
$ |
26,570 |
|
|
115.3 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Abracon Group Holding, LLC. (18)(19)(34) |
|
First Lien Senior Secured Loan |
|
SOFR |
|
|
5.90 |
% |
|
10.48 |
% |
7/6/2028 |
|
$ |
|
11,970 |
|
|
11,745 |
|
|
11,731 |
|
|
|
|
Aramsco, Inc. (12)(18)(19) |
|
First Lien Senior Secured Loan |
|
L |
|
|
5.25 |
% |
|
9.63 |
% |
8/28/2024 |
|
$ |
|
9,484 |
|
|
9,484 |
|
|
9,484 |
|
|
|
|
Wholesale Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
21,229 |
|
$ |
21,215 |
|
|
92.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
553,199 |
|
$ |
546,654 |
|
|
2372.4 |
% |
|||
80
81
Below is the financial information for SLP:
Selected Balance Sheet Information
|
|
As of |
|
|
As of |
|
||||
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
||||
Investments at fair value (amortized cost of $840,024 and $553,199, respectively) |
|
$ |
|
830,104 |
|
|
$ |
|
546,654 |
|
Cash |
|
|
|
555 |
|
|
|
|
4,590 |
|
Restricted cash and cash equivalents |
|
|
|
33,539 |
|
|
|
|
56,013 |
|
Prepaid expenses |
|
|
|
4,956 |
|
|
|
|
5,190 |
|
Interest receivable on investments |
|
|
|
4,584 |
|
|
|
|
3,380 |
|
Total assets |
|
$ |
|
873,738 |
|
|
$ |
|
615,827 |
|
|
|
|
|
|
|
|
|
|
||
Interest payable on debt |
|
$ |
|
8,012 |
|
|
$ |
|
6,118 |
|
Interest payable on subordinated notes |
|
|
|
4,681 |
|
|
|
|
2,607 |
|
Payable for investments purchased |
|
|
|
77,384 |
|
|
|
|
— |
|
Debt (net of unamortized debt issuance costs of $1,264 and $1,349, respectively) |
|
|
|
526,796 |
|
|
|
|
478,051 |
|
Subordinated notes payable to members |
|
|
|
232,000 |
|
|
|
|
102,000 |
|
Distributions payable |
|
|
|
4,722 |
|
|
|
|
3,631 |
|
Accounts payable and accrued expenses |
|
|
|
773 |
|
|
|
|
378 |
|
Total liabilities |
|
$ |
|
854,368 |
|
|
$ |
|
592,785 |
|
Members’ equity (deficit) |
|
|
|
(2,278 |
) |
|
|
|
860 |
|
Noncontrolling interests |
|
|
|
21,648 |
|
|
|
|
22,182 |
|
Total members' equity |
|
$ |
|
19,370 |
|
|
$ |
|
23,042 |
|
Total liabilities and members’ equity |
|
$ |
|
873,738 |
|
|
$ |
|
615,827 |
|
Selected Statement of Operations Information
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
||||||||||||||
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
||||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest Income |
|
$ |
|
21,132 |
|
|
$ |
|
7,295 |
|
|
$ |
|
37,656 |
|
|
$ |
|
9,811 |
|
Total investment income |
|
|
|
21,132 |
|
|
|
|
7,295 |
|
|
|
|
37,656 |
|
|
|
|
9,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and debt financing expenses |
|
|
|
9,264 |
|
|
|
|
2,710 |
|
|
|
|
16,856 |
|
|
|
|
3,454 |
|
Interest expense on members subordinated notes |
|
|
|
4,681 |
|
|
|
|
1,809 |
|
|
|
|
7,467 |
|
|
|
|
2,445 |
|
Professional fees and other expenses |
|
|
|
971 |
|
|
|
|
358 |
|
|
|
|
1,732 |
|
|
|
|
470 |
|
Total expenses |
|
|
|
14,916 |
|
|
|
|
4,877 |
|
|
|
|
26,055 |
|
|
|
|
6,369 |
|
Net investment income |
|
|
|
6,216 |
|
|
|
|
2,418 |
|
|
|
|
11,601 |
|
|
|
|
3,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized and unrealized gain (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized gain on investments |
|
|
|
26 |
|
|
|
|
5 |
|
|
|
|
73 |
|
|
|
|
11 |
|
Net change in unrealized appreciation on investments |
|
|
|
(2,976 |
) |
|
|
|
(3,896 |
) |
|
|
|
(3,375 |
) |
|
|
|
(4,042 |
) |
Net loss on investments |
|
|
|
(2,950 |
) |
|
|
|
(3,891 |
) |
|
|
|
(3,302 |
) |
|
|
|
(4,031 |
) |
Net increase (decrease) from operations |
|
|
|
3,266 |
|
|
|
|
(1,473 |
) |
|
|
|
8,299 |
|
|
|
|
(589 |
) |
Less: net decrease attributable to noncontrolling interests |
|
|
|
(933 |
) |
|
|
|
— |
|
|
|
|
(2,462 |
) |
|
|
|
— |
|
Net increase (decrease) in partners' capital from operations |
|
$ |
|
2,333 |
|
|
$ |
|
(1,473 |
) |
|
$ |
|
5,837 |
|
|
$ |
|
(589 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
82
Note 4. Fair Value Measurements
Fair Value Disclosures
The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of June 30, 2023, according to the fair value hierarchy:
|
|
Fair Value Measurements |
|
||||||||||||||||||||||
|
|
|
Level 1 |
|
|
|
Level 2 |
|
|
|
Level 3 |
|
|
|
Measured at Net Asset Value (2) |
|
|
|
Total |
|
|||||
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
First Lien Senior Secured Loan |
|
$ |
— |
|
|
$ |
|
57,826 |
|
|
$ |
|
1,474,596 |
|
|
$ |
— |
|
|
$ |
|
1,532,422 |
|
||
Second Lien Senior Secured Loan |
|
|
— |
|
|
|
— |
|
|
|
|
85,797 |
|
|
|
— |
|
|
|
|
85,797 |
|
|||
Subordinated Debt |
|
|
— |
|
|
|
— |
|
|
|
|
44,446 |
|
|
|
— |
|
|
|
|
44,446 |
|
|||
Structured Products |
|
|
— |
|
|
|
— |
|
|
|
|
23,159 |
|
|
|
— |
|
|
|
|
23,159 |
|
|||
Preferred Equity |
|
|
— |
|
|
|
— |
|
|
|
|
99,650 |
|
|
|
— |
|
|
|
|
99,650 |
|
|||
Equity Interest |
|
|
— |
|
|
|
— |
|
|
|
|
229,737 |
|
|
|
— |
|
|
|
|
229,737 |
|
|||
Warrants |
|
|
— |
|
|
|
— |
|
|
|
|
457 |
|
|
|
— |
|
|
|
|
457 |
|
|||
Subordinated Note Investment Vehicles (1) |
|
|
— |
|
|
|
— |
|
|
|
|
302,974 |
|
|
|
— |
|
|
|
|
302,974 |
|
|||
Preferred Equity Interest Investment Vehicles (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(1,080 |
) |
|
|
|
(1,080 |
) |
|||
Equity Interest Investment Vehicles (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
67,710 |
|
|
|
|
67,710 |
|
|||
Total Investments |
|
$ |
— |
|
|
$ |
|
57,826 |
|
|
$ |
|
2,260,816 |
|
|
$ |
|
66,630 |
|
|
$ |
|
2,385,272 |
|
|
Cash equivalents |
|
$ |
|
106,722 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
|
106,722 |
|
|||
Forward currency exchange contracts (asset) |
|
$ |
— |
|
|
$ |
|
55 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
|
55 |
|
|||
Forward currency exchange contracts (liability) |
|
$ |
— |
|
|
$ |
|
(1,308 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
|
(1,308 |
) |
|||
The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of December 31, 2022, according to the fair value hierarchy:
83
|
|
Fair Value Measurements |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset |
|
|
|
|
|
||||||
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Value (2) |
|
|
Total |
|
||||||||||
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
First Lien Senior Secured Loans |
|
$ |
|
— |
|
|
$ |
|
76,619 |
|
|
$ |
|
1,554,258 |
|
|
$ |
|
— |
|
|
$ |
|
1,630,877 |
|
Second Lien Senior Secured Loans |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
93,950 |
|
|
|
|
— |
|
|
|
|
93,950 |
|
Subordinated Debt |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
43,922 |
|
|
|
|
— |
|
|
|
|
43,922 |
|
Structured Products |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
22,763 |
|
|
|
|
— |
|
|
|
|
22,763 |
|
Preferred Equity |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
80,945 |
|
|
|
|
— |
|
|
|
|
80,945 |
|
Equity Interests |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
210,689 |
|
|
|
|
— |
|
|
|
|
210,689 |
|
Warrants |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
524 |
|
|
|
|
|
|
|
|
524 |
|
|
Subordinated Notes in Investment Vehicles (1) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
237,974 |
|
|
|
|
— |
|
|
|
|
237,974 |
|
Preferred Equity Interests in Investment Vehicles (1) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(644 |
) |
|
|
|
(644 |
) |
Equity Interests in Investment Vehicles (1) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
65,977 |
|
|
|
|
65,977 |
|
Total Investments |
|
$ |
|
— |
|
|
$ |
|
76,619 |
|
|
$ |
|
2,245,025 |
|
|
$ |
|
65,333 |
|
|
$ |
|
2,386,977 |
|
Cash equivalents |
|
$ |
|
63,394 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
63,394 |
|
Forward currency exchange contracts (asset) |
|
$ |
|
— |
|
|
$ |
|
62 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
62 |
|
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2023:
|
|
First Lien |
|
|
|
|
|
|
Second Lien |
|
|
Subordinated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Senior |
|
|
|
|
|
|
Senior |
|
|
Notes in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Secured |
|
|
Equity |
|
|
Secured |
|
|
Investment |
|
|
Structured |
|
|
Preferred |
|
|
Subordinated |
|
|
|
|
|
|
Total |
|
|||||||||||||||||
|
|
Loans |
|
|
Interests |
|
|
Loans |
|
|
Vehicles (2) |
|
|
Products |
|
|
Equity |
|
|
Debt |
|
|
Warrants |
|
|
Investments |
|
||||||||||||||||||
Balance as of January 1, 2023 |
|
$ |
|
1,554,258 |
|
|
$ |
|
210,689 |
|
|
$ |
|
93,950 |
|
|
$ |
|
237,974 |
|
|
$ |
|
22,763 |
|
|
$ |
|
80,945 |
|
|
$ |
|
43,922 |
|
|
$ |
|
524 |
|
|
$ |
|
2,245,025 |
|
Purchases of investments and other adjustments to cost (1) |
|
|
|
415,793 |
|
|
|
|
19,322 |
|
|
|
|
- |
|
|
|
|
65,000 |
|
|
|
|
- |
|
|
|
|
5,391 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
505,506 |
|
Paid-in-kind interest income |
|
|
|
9,896 |
|
|
|
|
- |
|
|
|
|
135 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
703 |
|
|
|
|
- |
|
|
|
|
10,734 |
|
Net accretion of discounts (amortization of premiums) |
|
|
|
2,549 |
|
|
|
|
- |
|
|
|
|
213 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
72 |
|
|
|
|
- |
|
|
|
|
2,834 |
|
Principal repayments and sales of investments (1) |
|
|
|
(485,969 |
) |
|
|
|
- |
|
|
|
|
(8,430 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(494,399 |
) |
Net change in unrealized appreciation on investments |
|
|
|
(13,026 |
) |
|
|
|
(274 |
) |
|
|
|
731 |
|
|
|
|
- |
|
|
|
|
396 |
|
|
|
|
13,314 |
|
|
|
|
(251 |
) |
|
|
|
(67 |
) |
|
|
|
823 |
|
Net realized gains (losses) on investments |
|
|
|
(8,905 |
) |
|
|
|
- |
|
|
|
|
(802 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(9,707 |
) |
Balance as of June 30, 2023 |
|
$ |
|
1,474,596 |
|
|
$ |
|
229,737 |
|
|
$ |
|
85,797 |
|
|
$ |
|
302,974 |
|
|
$ |
|
23,159 |
|
|
$ |
|
99,650 |
|
|
$ |
|
44,446 |
|
|
$ |
|
457 |
|
|
$ |
|
2,260,816 |
|
Change in unrealized appreciation attributable to investments still held at June 30, 2023 |
|
$ |
|
(21,070 |
) |
|
$ |
|
(274 |
) |
|
$ |
|
731 |
|
|
$ |
|
- |
|
|
$ |
|
396 |
|
|
$ |
|
13,314 |
|
|
$ |
|
(251 |
) |
|
$ |
|
(67 |
) |
|
$ |
|
(7,221 |
) |
Transfers between levels, if any, are recognized at the beginning of the quarter in which transfers occur. For the six months ended June 30, 2023, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the six months ended June 30, 2023, transfers from Level 3 to Level 2, if any, were primarily due to increased price transparency.
84
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2022:
|
|
First Lien |
|
|
|
|
|
|
Second Lien |
|
|
Subordinated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Senior |
|
|
|
|
|
|
Senior |
|
|
Notes in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Secured |
|
|
Equity |
|
|
Secured |
|
|
Investment |
|
|
Preferred |
|
|
Subordinated |
|
|
|
|
|
|
Total |
|
|||||||||||||||
|
|
Loans |
|
|
Interests |
|
|
Loans |
|
|
Vehicles (2) |
|
|
Equity |
|
|
Debt |
|
|
Warrants |
|
|
Investments |
|
||||||||||||||||
Balance as of January 1, 2022 |
|
$ |
|
1,674,890 |
|
|
$ |
|
151,844 |
|
|
$ |
|
107,066 |
|
|
$ |
|
125,437 |
|
|
$ |
|
53,991 |
|
|
$ |
|
20,027 |
|
|
$ |
|
126 |
|
|
$ |
|
2,133,381 |
|
Purchases of investments and other adjustments to cost (1) |
|
|
|
658,706 |
|
|
|
|
53,929 |
|
|
|
|
15,477 |
|
|
|
|
52,700 |
|
|
|
|
8,537 |
|
|
|
|
18,573 |
|
|
|
|
478 |
|
|
|
|
808,400 |
|
Paid-in-kind interest |
|
|
|
6,002 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
253 |
|
|
|
|
— |
|
|
|
|
6,255 |
|
Net accretion of discounts (amortization of premiums) |
|
|
|
2,127 |
|
|
|
|
— |
|
|
|
|
221 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
53 |
|
|
|
|
— |
|
|
|
|
2,401 |
|
Principal repayments and sales of investments (1) |
|
|
|
(753,527 |
) |
|
|
|
(136 |
) |
|
|
|
(37,844 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(791,507 |
) |
Net change in unrealized appreciation on investments |
|
|
|
(24,109 |
) |
|
|
|
10,450 |
|
|
|
|
(953 |
) |
|
|
|
— |
|
|
|
|
13,422 |
|
|
|
|
374 |
|
|
|
|
(98 |
) |
|
|
|
(914 |
) |
Net realized gains (losses) on investments |
|
|
|
(984 |
) |
|
|
|
(67 |
) |
|
|
|
(122 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(1,173 |
) |
Transfers out of Level 3 |
|
|
|
(47,672 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(47,672 |
) |
Transfers to Level 3 |
|
|
|
15,288 |
|
|
|
|
— |
|
|
|
|
11,495 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
26,783 |
|
Balance as of June 30, 2022 |
|
$ |
|
1,530,721 |
|
|
$ |
|
216,020 |
|
|
$ |
|
95,340 |
|
|
$ |
|
178,137 |
|
|
$ |
|
75,950 |
|
|
$ |
|
39,280 |
|
|
$ |
|
506 |
|
|
$ |
|
2,135,954 |
|
Change in unrealized appreciation attributable to investments still held at June 30, 2022 |
|
$ |
|
(22,995 |
) |
|
$ |
|
10,450 |
|
|
$ |
|
(1,128 |
) |
|
$ |
|
— |
|
|
$ |
|
13,422 |
|
|
$ |
|
374 |
|
|
$ |
|
(98 |
) |
|
$ |
|
25 |
|
Transfers between levels, if any, are recognized at the beginning of the quarter in which transfers occur. For the six months ended June 30, 2022, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the six months ended June 30, 2022, transfers from Level 3 to Level 2, if any, were primarily due to increased price transparency.
Significant Unobservable Inputs
ASC 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. Disclosure of this information is not required in circumstances where a valuation (unadjusted) is obtained from a third-party pricing service and the information regarding the unobservable inputs is not reasonably available to the Company and as such, the disclosures provided below exclude those investments valued in that manner.
85
The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of June 30, 2023 were as follows:
|
|
As of June 30, 2023 |
|
||||||||||||
|
|
|
|
|
|
|
Significant |
|
Range of Significant |
|
|||||
|
|
Fair Value of |
|
|
|
Unobservable |
|
Unobservable Inputs |
|
||||||
|
|
Level 3 Assets (1) |
|
Valuation Technique |
|
Inputs |
|
(Weighted Average (2)) |
|
||||||
First Lien Senior Secured Loans |
|
$ |
1,196,348 |
|
Discounted cash flows |
|
Comparative Yields |
|
5.9 |
% |
— |
26.8 |
% |
(12.0%) |
|
First Lien Senior Secured Loans |
|
|
112,938 |
|
Comparable company multiple |
|
EBITDA Multiple |
|
0.5 |
x |
— |
10.1 |
x |
(8.3x) |
|
First Lien Senior Secured Loans |
|
|
74,181 |
|
Comparable company multiple |
|
EBITDA Multiple |
|
|
|
|
8.2 |
x |
|
|
|
|
|
|
|
|
|
Probably weighting of alternative outcomes |
|
25.0 |
% |
— |
75.0 |
% |
|
|
First Lien Senior Secured Loans |
|
|
8,761 |
|
Discounted cash flows |
|
Discount Rate |
|
|
|
|
15.2 |
% |
|
|
First Lien Senior Secured Loans |
|
|
11,553 |
|
Collateral coverage |
|
Recovery Rate |
|
|
|
|
100.0 |
% |
|
|
Second Lien Senior Secured Loans |
|
|
85,797 |
|
Discounted cash flows |
|
Comparative Yields |
|
13.8 |
% |
— |
23.9 |
% |
(15.7%) |
|
Subordinated Notes in Investment Vehicles |
|
|
302,974 |
|
Collateral coverage |
|
Recovery Rate |
|
|
|
|
100.0 |
% |
|
|
Subordinated Debt |
|
|
44,446 |
|
Discounted cash flows |
|
Comparative Yields |
|
12.1 |
% |
— |
13.3 |
% |
(12.2%) |
|
Structured Products |
|
|
23,159 |
|
Discounted cash flows |
|
Comparative Yields |
|
|
|
|
14.6 |
% |
|
|
Equity Interests |
|
|
135,738 |
|
Discounted cash flows |
|
Discount Rate |
|
13.4 |
% |
— |
16.4 |
% |
(15.4%) |
|
Equity Interests |
|
|
68,937 |
|
Comparable company multiple |
|
EBITDA Multiple |
|
1.7 |
x |
— |
24.8 |
x |
(11.7x) |
|
Equity Interests |
|
|
13,039 |
|
Comparable company multiple |
|
EBITDA Multiple |
|
|
|
|
8.2 |
x |
|
|
|
|
|
|
|
|
|
Probably weighting of alternative outcomes |
|
25.0 |
% |
— |
75.0 |
% |
|
|
Preferred equity |
|
|
89,473 |
|
Comparable company multiple |
|
EBITDA Multiple |
|
1.7 |
x |
— |
15.3 |
x |
(7.1x) |
|
Preferred equity |
|
|
5,002 |
|
Discounted cash flows |
|
Comparative Yields |
|
|
|
|
11.5 |
% |
|
|
Warrants |
|
|
457 |
|
Comparable company multiple |
|
EBITDA Multiple |
|
7.8 |
x |
— |
10.3 |
x |
(10.3x) |
|
Total investments |
|
$ |
2,172,803 |
|
|
|
|
|
|
|
|
|
|
|
|
The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of June 30, 2023. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable inputs used in the market approach are the comparable company multiple and the recovery rate. The multiple is used to estimate the enterprise value of the underlying investment. An increase/ decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value.
86
The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2022 were as follows:
|
|
As of December 31, 2022 |
|
||||||||||||
|
|
|
|
|
|
|
Significant |
|
Range of Significant |
|
|||||
|
|
Fair Value of |
|
|
|
Unobservable |
|
Unobservable Inputs |
|
||||||
|
|
Level 3 Assets (1) |
|
Valuation Technique |
|
Inputs |
|
(Weighted Average (2)) |
|
||||||
First Lien Senior Secured Loans |
|
$ |
1,196,770 |
|
Discounted cash flows |
|
Comparative Yields |
|
5.9 |
% |
— |
20.4 |
% |
(11.6%) |
|
First Lien Senior Secured Loans |
|
|
139,041 |
|
Comparable company multiple |
|
EBITDA Multiple |
|
2.0 |
x |
— |
11.8 |
x |
(8.6x) |
|
First Lien Senior Secured Loans |
|
|
73,070 |
|
Comparable company multiple |
|
EBITDA Multiple |
|
|
|
|
8.3 |
x |
|
|
|
|
|
|
|
|
|
Probably weighting of alternative outcomes |
|
25.0 |
% |
— |
75.0 |
% |
|
|
First Lien Senior Secured Loans |
|
|
19,484 |
|
Discounted cash flows |
|
Discount Rate |
|
10.0 |
% |
— |
14.8 |
% |
(13.2%) |
|
First Lien Senior Secured Loans |
|
|
8,429 |
|
Collateral coverage |
|
Recovery Rate |
|
|
|
|
100.0 |
% |
|
|
Second Lien Senior Secured Loans |
|
|
93,950 |
|
Discounted cash flows |
|
Comparative Yields |
|
12.7 |
% |
— |
21.8 |
% |
(15.7%) |
|
Subordinated Notes in Investment Vehicles |
|
|
237,974 |
|
Collateral coverage |
|
Recovery Rate |
|
|
|
|
100.0 |
% |
|
|
Subordinated Debt |
|
|
43,922 |
|
Discounted cash flows |
|
Comparative Yields |
|
11.9 |
% |
— |
13.5 |
% |
(12.0%) |
|
Structured Products |
|
|
22,763 |
|
Discounted cash flows |
|
Comparative Yields |
|
|
|
|
15.0 |
% |
|
|
Equity Interests |
|
|
128,923 |
|
Discounted cash flows |
|
Discount Rate |
|
10.0 |
% |
— |
16.4 |
% |
(15.2%) |
|
Equity Interests |
|
|
65,472 |
|
Comparable company multiple |
|
EBITDA Multiple |
|
2.0 |
x |
— |
22.8 |
x |
(12.0x) |
|
Equity Interests |
|
|
13,033 |
|
Comparable company multiple |
|
EBITDA Multiple |
|
|
|
|
8.3 |
x |
|
|
|
|
|
|
|
|
|
Probably weighting of alternative outcomes |
|
25.0 |
% |
— |
75.0 |
% |
|
|
Preferred equity |
|
|
75,619 |
|
Comparable company multiple |
|
EBITDA Multiple |
|
2.0 |
x |
— |
23.0 |
x |
(7.2x) |
|
Warrants |
|
|
524 |
|
Comparable company multiple |
|
EBITDA Multiple |
|
7.5 |
x |
— |
11.8 |
x |
(8.9x) |
|
Total investments |
|
$ |
2,118,974 |
|
|
|
|
|
|
|
|
|
|
|
|
The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of December 31, 2022. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable inputs used in the market approach are the comparable company multiple and the recovery rate. The multiple is used to estimate the enterprise value of the underlying investment. An increase/ decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value.
Debt Not Carried at Fair Value
Fair value is estimated by using market quotations or discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. If the Company’s debt obligations were carried at fair value, the fair value and level would have been as follows:
|
|
|
|
As of |
|
|||||||
|
|
Level |
|
June 30, 2023 |
|
|
December 31, 2022 |
|
||||
2019-1 Debt |
|
2 |
|
|
|
339,837 |
|
|
|
|
330,634 |
|
March 2026 Notes |
|
2 |
|
|
|
266,260 |
|
|
|
|
259,769 |
|
October 2026 Notes |
|
2 |
|
|
|
257,468 |
|
|
|
|
247,873 |
|
Sumitomo Credit Facility |
|
3 |
|
|
|
546,000 |
|
|
|
|
443,000 |
|
Total Debt |
|
|
|
$ |
|
1,409,565 |
|
|
$ |
|
1,281,276 |
|
87
Note 5. Related Party Transactions
Investment Advisory Agreement
The Company entered into the first amended and restated investment advisory agreement as of November 14, 2018 (the “Prior Advisory Agreement”) with the Advisor, pursuant to which the Advisor manages the Company’s investment program and related activities. On November 28, 2018, the Board, including a majority of the Independent Directors, approved a second amended and restated advisory agreement (the “Amended Advisory Agreement”) between the Company and BCSF Advisors, LP (“the Advisor”). On February 1, 2019, Shareholders approved the Amended Advisory Agreement which replaced the Prior Advisory Agreement.
Base Management Fee
The Company pays the Advisor a base management fee (the “Base Management Fee”), accrued and payable quarterly in arrears. The Base Management Fee is calculated at an annual rate of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters. Such amount shall be appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuance or repurchases by the Company during a calendar quarter. The Base Management Fee for any partial quarter will be appropriately prorated. Effective February 1, 2019, the base management fee has been revised to a tiered management fee structure so that the base management fee of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will continue to apply to assets held at an asset coverage ratio down to 200%, but a lower base management fee of 1.0% (0.25% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will apply to any amount of assets attributable to leverage decreasing the Company’s asset coverage ratio below 200%.
For the three months ended June 30, 2023 and 2022, management fees were $9.1 million and $8.5 million, respectively. For the six months ended June 30, 2023 and 2022, management fees were $18.0 million and $16.8 million, respectively. For the three months ended June 30, 2023, $0.0 million was contractually waived and $0.0 million was voluntarily waived. For the six months ended June 30, 2023, $0.0 million was contractually waived and $0.0 million was voluntarily waived. For the three months ended June 30, 2022, $0.0 million was contractually waived and $0.0 million was voluntarily waived. For the six months ended June 30, 2022, $0.0 million was contractually waived and $0.0 million was voluntarily waived.
As of June 30, 2023, and December 31, 2022, $9.1 million and $8.9 million, respectively, remained payable related to the base management fee accrued in base management fee payable on the consolidated statements of assets and liabilities.
Incentive Fee
The incentive fee consists of two parts that are determined independently of each other such that one component may be payable even if the other is not.
The first part, the Incentive Fee based on income is calculated and payable quarterly in arrears as detailed below.
The second part, the capital gains incentive fee, is determined and payable in arrears as detailed below.
Incentive Fee on Pre-Incentive Fee Net Investment Income
Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the Base Management Fee, any expenses payable under the Administration Agreement, and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature such as market discount, original issue discount (“OID”), debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash.
88
Pre-incentive fee net investment income does not include any realized or unrealized capital gains or losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where the Company incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the Hurdle rate for a quarter, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to realized and unrealized capital losses.
The incentive fee based on income is calculated and payable quarterly in arrears based on the aggregate pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters (the “Trailing Twelve Quarters”). This calculation is referred to as the “-Year Lookback.”
Pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a “Hurdle Amount” equal to the product of (i) the hurdle rate of 1.5% per quarter (6% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Hurdle Amount will be calculated after making appropriate adjustments to our NAV at the beginning of each applicable calendar quarter for our subscriptions (which shall include all issuances by us of shares of our Common Stock, including issuances pursuant to the Company’s dividend reinvestment plan) and distributions during the applicable calendar quarter.
The quarterly incentive fee based on income is calculated, subject to the Incentive Fee Cap (as defined below), based on the amount by which (A) aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters exceeds (B) the Hurdle Amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the “Excess Income Amount.” The incentive fee based on income that is paid to the Advisor in respect of a particular calendar quarter will equal the Excess Income Amount less the aggregate incentive fees based on income that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.
The incentive fee based on income for each calendar quarter is determined as follows:
Incentive Fee Cap
The incentive fee based on income is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in respect of any calendar quarter is an amount equal to 17.5% of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters less the aggregate incentive fees based on income that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.
“Cumulative Net Return” during the relevant Trailing Twelve Quarters means (x) the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no incentive fee based on income to the Advisor in respect of that quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the incentive fee based on income that is payable to the Advisor for such quarter calculated as described above, the Company will pay an incentive fee based on income to the Advisor equal to the Incentive Fee Cap in respect of such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the incentive fee based on income that is payable to the Advisor for such quarter calculated as described above, the Company will pay an incentive fee based on income to the Advisor equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.
89
“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in respect of such period and (ii) aggregate capital gains, whether realized or unrealized, in respect of such period.
For the three months ended June 30, 2023 and 2022, the Company incurred $4.0 million and $4.1 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the consolidated statements of operations. The Advisor has voluntarily waived $0.0 million and $0.0 million, respectively, of the income incentive fees earned by the Advisor during the three months ended June 30, 2023 and 2022. Such income incentive fee waiver is irrevocable and such waived income incentive fees will not be subject to recoupment in future periods. This income incentive fee waiver does not impact any income incentive fees earned by the Advisor in future periods.
For the six months ended June 30, 2023 and 2022, the Company incurred $15.1 million and $7.4 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the consolidated statements of operations. The Advisor has voluntarily waived $0.0 million and $0.0 million, respectively, of the income incentive fees earned by the Advisor during the six months ended June 30, 2023 and 2022. Such income incentive fee waiver is irrevocable and such waived income incentive fees will not be subject to recoupment in future periods. This income incentive fee waiver does not impact any income incentive fees earned by the Advisor in future periods.
As of June 30, 2023 and December 31, 2022, there was $4.0 million and $9.2 million, respectively, related to the income incentive fee accrued in incentive fee payable on the consolidated statements of assets and liabilities.
The Amended Advisory Agreement approved by Stockholders on February 1, 2019 incorporates (i) a -year lookback provision and (ii) a cap on quarterly income incentive fee payments based on net realized or unrealized capital loss, if any, during the applicable -year lookback period.
Annual Incentive Fee Based on Capital Gains
The second part of the incentive fee is a capital gains incentive fee that will be determined and payable in arrears in cash as of the end of each fiscal year (or upon termination of the Amended Advisory Agreement, as of the termination date), and equals to 17.5% of our realized capital gains as of the end of the fiscal year. In determining the capital gains incentive fee payable to the Advisor, the Company calculates the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses since our inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in our portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the cost of such investment. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the cost of such investment. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the cost of such investment. At the end of the applicable year, the amount of capital gains that serves as the basis for our calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to our portfolio of investments. If this number is positive at the end of such year, then the capital gains incentive fee for such year will equal to 17.5% of such amount, less the aggregate amount of any capital gains incentive fees paid in respect of our portfolio in all prior years.
There was no capital gains incentive fee payable to the Advisor under the Amended Advisory Agreement as of June 30, 2023 and December 31, 2022.
US GAAP requires that the incentive fee accrual consider the cumulative aggregate unrealized capital appreciation of investments or other financial instruments in the calculation, as an incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Amended Advisory Agreement (“GAAP Incentive Fee”). There can be no assurance that such unrealized appreciation will be realized in the future. Accordingly, such fee, as calculated and accrued, would not necessarily be payable under the Amended Advisory Agreement, and may never be paid based upon the computation of incentive fees in subsequent period.
For the three months ended June 30, 2023 and 2022, the Company accrued $0.0 million and $0.0 million of incentive fees related to the GAAP Incentive Fee which is included in incentive fee on the consolidated statements of operations. For the six months ended June 30, 2023 and 2022, the Company accrued $0.0 million and $0.0 million of incentive fees related to the GAAP Incentive Fee which is included in incentive fee on the consolidated statements of operations. As of June 30, 2023 and December 31, 2022 there was $0.0 million and $0.0 million related to the GAAP Incentive Fee accrued in incentive fee payable on the consolidated statements of assets and liabilities, respectively.
90
Administration Agreement
The Company has entered into an administration agreement (the “Administration Agreement”) with the advisor, pursuant to which the Administrator will provide the administrative services necessary for us to operate, and the Company will utilize the Administrator’s office facilities, equipment and recordkeeping services. Pursuant to the Administration Agreement, the Administrator has agreed to oversee our public reporting requirements and tax reporting and monitor our expenses and the performance of professional services rendered to us by others. The Administrator has also hired a sub-administrator to assist in the provision of administrative services. The Company will reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to the business and affairs of the Company, and will be subject to oversight by the Board. The Company incurred expenses related to the Administrator of $0.2 million and $0.0 million for the three months ended June 30, 2023 and 2022, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The Company incurred expenses related to the Administrator of $0.4 million and $0.0 million for the six months ended June 30, 2023 and 2022, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. As of June 30, 2023 and December 31, 2022 there were $0.2 million and $0.1 million in expenses related to the Administrator that were payable and included in “accounts payable and accrued expenses” in the consolidated statements of assets and liabilities, respectively. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. The Company incurred expenses related to the sub-administrator of $0.2 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The Company incurred expenses related to the sub-administrator of $0.3 million and $0.3 million for the six months ended June 30, 2023 and 2022, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The Administrator will not seek reimbursement in the event that any such reimbursements would cause any distributions to our stockholders to constitute a return of capital. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and the Company will reimburse the expenses of these parties incurred and paid by the Advisor on our behalf.
Resource Sharing Agreement
The Company’s investment activities are managed by the Advisor, an investment adviser that is registered with the SEC under the Advisers Act. The Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis.
The Advisor has entered into a Resource Sharing Agreement (the “Resource Sharing Agreement”) with Bain Capital Credit, LP (“Bain Capital Credit”), pursuant to which Bain Capital Credit provides the Advisor with experienced investment professionals (including the members of the Advisor’s Credit Committee) and access to the resources of Bain Capital Credit so as to enable the Advisor to fulfill its obligations under the Amended Advisory Agreement. Through the Resource Sharing Agreement, the Advisor intends to capitalize on the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Bain Capital Credit’s investment professionals. There can be no assurance that Bain Capital Credit will perform its obligations under the Resource Sharing Agreement. The Resource Sharing Agreement may be terminated by either party on 60 days’ notice, which if terminated may have a material adverse consequence on the Company’s operations.
Co-investments
The Company will invest alongside our affiliates, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments will be made only in accordance with the terms of the exemptive order the Company received from the SEC initially on August 23, 2016, as amended on March 23, 2018 (the “Order”). Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board’s approved criteria. In certain situations where co-investment with one or more funds managed by the Advisor or its affiliates is not covered by the Order, the personnel of the Advisor or its affiliates will need to decide which funds will proceed with the investment. Such personnel will make these
91
determinations based on policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.
Revolving Advisor Loan
On March 27, 2020, the Company entered into an unsecured revolving loan agreement (the “Revolving Advisor Loan”) with BCSF Advisors, LP, the investment adviser of the Company. The Revolving Advisor Loan had a maximum credit limit of $50.0 million and matured on March 27, 2023. The Revolving Advisor Loan accrued interest at the Applicable Federal Rate from the date of such loan until the loan was repaid in full. Please see Note 6 for additional details.
Related Party Commitments
As of June 30, 2023 and December 31, 2022, the Advisor held 449,699.30 and 476,679.81 shares of the Company’s common stock, respectively. An affiliate of the Advisor is the investment manager to certain pooled investment vehicles which are investors in the Company. These investors held 12,875,920.66 and 12,875,920.66 shares of the Company at June 30, 2023 and December 31, 2022, respectively.
92
Non-Controlled/Affiliate and Controlled Affiliate Investments
Investments during the six months ended June 30, 2023 in which the portfolio company was an "affiliated person" (as defined in the 1940 Act) and/or an "affiliated person" that the Company is deemed to "control" (as defined in the 1940 Act) are as follows:
Portfolio Company |
|
Fair Value as of December 31, 2022 |
|
|
Gross Additions |
|
|
Gross Reductions |
|
|
Change in Unrealized Appreciation |
|
|
Realized Gains (Losses) |
|
|
Fair Value as of June 30, 2023 |
|
|
Dividend, Interest, and PIK Income |
|
|
Other Income |
|
||||||||
Non-Controlled/affiliate investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
ADT Pizza, LLC, Equity Interest (1) |
$ |
|
14,581 |
|
$ |
|
11 |
|
$ |
|
— |
|
$ |
|
(11 |
) |
$ |
|
— |
|
$ |
|
14,581 |
|
$ |
|
— |
|
$ |
|
— |
|
Ansett Aviation Training First Lien Senior Secured Loan |
|
|
4,818 |
|
|
|
— |
|
|
|
— |
|
|
|
(105 |
) |
|
|
— |
|
|
|
4,713 |
|
|
|
195 |
|
|
|
— |
|
Ansett Aviation Training Equity Interest (1) |
|
|
5,310 |
|
|
|
— |
|
|
|
— |
|
|
|
1,458 |
|
|
|
— |
|
|
|
6,768 |
|
|
|
— |
|
|
|
— |
|
BCC Middle Market CLO 2018-1, LLC. Equity Interest |
|
|
22,763 |
|
|
|
— |
|
|
|
— |
|
|
|
396 |
|
|
|
— |
|
|
|
23,159 |
|
|
|
3,005 |
|
|
|
— |
|
Blackbrush Oil & Gas, L.P. First Lien Senior Secured Loan |
|
|
9,040 |
|
|
|
92 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
9,131 |
|
|
|
558 |
|
|
|
— |
|
Blackbrush Oil & Gas, L.P. Equity Interest (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Blackbrush Oil & Gas, L.P. Preferred Equity (1) |
|
|
30,785 |
|
|
|
— |
|
|
|
— |
|
|
|
2,243 |
|
|
|
— |
|
|
|
33,028 |
|
|
|
— |
|
|
|
— |
|
Direct Travel, Inc. First Lien Senior Secured Loan |
|
|
4,841 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,841 |
|
|
|
274 |
|
|
|
— |
|
Direct Travel, Inc. First Lien Senior Secured Loan - Delayed Draw |
|
|
3,440 |
|
|
|
17 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,457 |
|
|
|
228 |
|
|
|
— |
|
Direct Travel, Inc. First Lien Senior Secured Loan - Delayed Draw |
|
|
1,741 |
|
|
|
23 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,764 |
|
|
|
88 |
|
|
|
— |
|
Direct Travel, Inc. First Lien Senior Secured Loan |
|
|
58,721 |
|
|
|
621 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
59,342 |
|
|
|
4,004 |
|
|
|
— |
|
Direct Travel, Inc. First Lien Senior Secured Loan - Delayed Draw |
|
|
4,125 |
|
|
|
450 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,575 |
|
|
|
278 |
|
|
|
— |
|
Direct Travel, Inc. First Lien Senior Secured Loan |
|
|
202 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
202 |
|
|
|
12 |
|
|
|
— |
|
Direct Travel, Inc. Equity Interest (1) |
|
|
13,033 |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
13,039 |
|
|
|
— |
|
|
|
— |
|
Walker Edison First Furniture Company LLC Equity Interest (1) |
|
|
— |
|
|
|
5,593 |
|
|
|
— |
|
|
|
(959 |
) |
|
|
— |
|
|
|
4,634 |
|
|
|
— |
|
|
|
— |
|
Walker Edison First Furniture Company LLC First Lien Senior Secured Loan |
|
|
— |
|
|
|
5,418 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,418 |
|
|
|
205 |
|
|
|
— |
|
Walker Edison First Furniture Company LLC First Lien Senior Secured Loan - Revolver |
|
|
— |
|
|
|
3,182 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,182 |
|
|
|
141 |
|
|
|
— |
|
Walker Edison First Furniture Company LLC First Lien Senior Secured Loan - Delayed Draw |
|
|
— |
|
|
|
161 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
161 |
|
|
|
2 |
|
|
|
— |
|
Total Non-Controlled/affiliate investment |
$ |
|
173,400 |
|
$ |
|
15,568 |
|
$ |
|
— |
|
$ |
|
3,027 |
|
$ |
|
— |
|
$ |
|
191,995 |
|
$ |
|
8,990 |
|
$ |
|
— |
|
Controlled affiliate investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles |
$ |
|
50,995 |
|
$ |
|
65,000 |
|
$ |
|
— |
|
$ |
|
— |
|
$ |
|
— |
|
$ |
|
115,995 |
|
$ |
|
3,719 |
|
$ |
|
— |
|
Bain Capital Senior Loan Program, LLC Class A Preferred Equity Interests Investment Vehicles |
|
|
(644 |
) |
|
|
— |
|
|
|
— |
|
|
|
(436 |
) |
|
|
— |
|
|
|
(1,080 |
) |
|
|
1,346 |
|
|
|
— |
|
Bain Capital Senior Loan Program, LLC Class B Equity Interests Investment Vehicles |
|
|
3,347 |
|
|
|
— |
|
|
|
— |
|
|
|
(1,468 |
) |
|
|
— |
|
|
|
1,879 |
|
|
|
3,815 |
|
|
|
— |
|
BCC Jetstream Holdings Aviation (On II), LLC, First Lien Senior Secured Loan |
|
|
6,400 |
|
|
|
— |
|
|
|
— |
|
|
|
411 |
|
|
|
— |
|
|
|
6,811 |
|
|
|
(1,010 |
) |
|
|
— |
|
BCC Jetstream Holdings Aviation (On II), LLC, Equity Interest (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
BCC Jetstream Holdings Aviation (Off I), LLC, Equity Interest (1) |
|
|
10,388 |
|
|
|
— |
|
|
|
— |
|
|
|
475 |
|
|
|
— |
|
|
|
10,863 |
|
|
|
— |
|
|
|
— |
|
Gale Aviation (Offshore) Co, Equity Interest |
|
|
91,326 |
|
|
|
— |
|
|
|
— |
|
|
|
(1,654 |
) |
|
|
— |
|
|
|
89,672 |
|
|
|
6,022 |
|
|
|
— |
|
International Senior Loan Program, LLC, Equity Interest Investment Vehicle |
|
|
62,630 |
|
|
|
— |
|
|
|
— |
|
|
|
3,201 |
|
|
|
— |
|
|
|
65,831 |
|
|
|
2,871 |
|
|
|
— |
|
International Senior Loan Program, LLC, Subordinated Note Investment Vehicle |
|
|
186,979 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
186,979 |
|
|
|
12,208 |
|
|
|
— |
|
Legacy Corporate Lending HoldCo, LLC Equity Interest |
|
|
— |
|
|
|
641 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
641 |
|
|
|
— |
|
|
|
— |
|
Legacy Corporate Lending HoldCo, LLC Preferred Equity |
|
|
— |
|
|
|
5,175 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,175 |
|
|
|
— |
|
|
|
— |
|
Lightning Holdings Equity Interest (1) |
|
|
27,209 |
|
|
|
9,636 |
|
|
|
— |
|
|
|
4,587 |
|
|
|
— |
|
|
|
41,432 |
|
|
|
— |
|
|
|
— |
|
Total Controlled affiliate investment |
$ |
|
438,630 |
|
$ |
|
80,452 |
|
$ |
|
— |
|
$ |
|
5,116 |
|
$ |
|
— |
|
$ |
|
524,198 |
|
$ |
|
28,971 |
|
$ |
|
— |
|
Total |
$ |
|
612,030 |
|
$ |
|
96,020 |
|
$ |
|
— |
|
$ |
|
8,143 |
|
$ |
|
— |
|
$ |
|
716,193 |
|
$ |
|
37,961 |
|
$ |
|
— |
|
(1) Non-income producing
93
Transactions during the year ended December 31, 2022 in which the issuer was either an Affiliated Person or an Affiliated Person that the Company is deemed to Control are as follows:
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value |
|
|
|
|
|
|
||||||||||||
|
as of |
|
|
|
|
|
|
|
Change in |
|
Realized |
|
as of |
|
Dividend, |
|
|
|
|
|||||||||||||
|
December 31, |
|
Gross |
|
Gross |
|
Unrealized |
|
Gains |
|
December 31, |
|
Interest, and |
|
Other |
|
||||||||||||||||
Portfolio Company |
2021 |
|
Additions |
|
Reductions |
|
Appreciation |
|
(Losses) |
|
2022 |
|
PIK Income |
|
Income |
|
||||||||||||||||
Non-Controlled/affiliate investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
ADT Pizza, LLC, Equity Interest (1) |
$ |
|
19,527 |
|
$ |
|
1 |
|
$ |
|
— |
|
$ |
|
(4,947 |
) |
$ |
|
— |
|
$ |
|
14,581 |
|
$ |
|
— |
|
$ |
— |
|
|
Ansett Aviation Training First Lien Senior Secured Loan |
|
|
— |
|
|
|
15,924 |
|
|
|
(9,830 |
) |
|
|
(490 |
) |
|
|
(786 |
) |
|
|
4,818 |
|
|
|
486 |
|
|
— |
|
|
Ansett Aviation Training Equity Interest |
|
|
— |
|
|
|
11,526 |
|
|
|
(7,115 |
) |
|
|
1,468 |
|
|
|
(569 |
) |
|
|
5,310 |
|
|
|
160 |
|
|
— |
|
|
BCC Middle Market CLO 2018-1, LLC. Equity Interest |
|
|
— |
|
|
|
24,051 |
|
|
|
— |
|
|
|
(1,288 |
) |
|
|
— |
|
|
|
22,763 |
|
|
|
4,109 |
|
|
|
— |
|
Blackbrush Oil & Gas, L.P. First Lien Senior Secured Loan |
|
|
12,336 |
|
|
|
1,029 |
|
|
|
(4,327 |
) |
|
|
2 |
|
|
|
— |
|
|
|
9,040 |
|
|
|
842 |
|
|
|
— |
|
Blackbrush Oil & Gas, L.P. Equity Interest (1) |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Blackbrush Oil & Gas, L.P. Preferred Equity (1) |
|
|
19,720 |
|
|
|
1,674 |
|
|
|
— |
|
|
|
9,391 |
|
|
|
— |
|
|
|
30,785 |
|
|
|
— |
|
|
|
— |
|
Direct Travel, Inc. First Lien Senior Secured Loan |
|
|
4,766 |
|
|
|
75 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,841 |
|
|
|
416 |
|
|
|
— |
|
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed Draw |
|
|
2,831 |
|
|
|
70 |
|
|
|
— |
|
|
|
539 |
|
|
|
— |
|
|
|
3,440 |
|
|
|
365 |
|
|
|
— |
|
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed Draw |
|
|
1,436 |
|
|
|
31 |
|
|
|
— |
|
|
|
274 |
|
|
|
— |
|
|
|
1,741 |
|
|
|
170 |
|
|
|
— |
|
Direct Travel, Inc. First Lien Senior Secured Loan |
|
|
48,347 |
|
|
|
1,165 |
|
|
|
— |
|
|
|
9,209 |
|
|
|
— |
|
|
|
58,721 |
|
|
|
6,196 |
|
|
|
— |
|
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed Draw |
|
|
4,125 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,125 |
|
|
|
359 |
|
|
|
— |
|
Direct Travel, Inc. First Lien Senior Secured Loan |
|
|
202 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
202 |
|
|
|
18 |
|
|
|
— |
|
Direct Travel, Inc. Equity Interest (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,033 |
|
|
|
— |
|
|
|
13,033 |
|
|
|
— |
|
|
|
— |
|
Total Non-Controlled/affiliate investment |
$ |
|
113,290 |
|
$ |
|
55,547 |
|
$ |
|
(21,272 |
) |
$ |
|
27,190 |
|
$ |
|
(1,355 |
) |
$ |
|
173,400 |
|
$ |
|
13,121 |
|
$ |
|
— |
|
Controlled affiliate investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles |
$ |
|
— |
|
$ |
|
50,995 |
|
$ |
|
— |
|
$ |
|
— |
|
$ |
|
— |
|
$ |
|
50,995 |
|
$ |
|
3,509 |
|
$ |
|
— |
|
Bain Capital Senior Loan Program, LLC Class A Preferred Equity Interests Investment Vehicles |
|
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
(654 |
) |
|
|
— |
|
|
|
(644 |
) |
|
|
851 |
|
|
|
— |
|
Bain Capital Senior Loan Program, LLC Class B Equity Interests Investment Vehicles |
|
|
— |
|
|
|
5,594 |
|
|
|
— |
|
|
|
(2,247 |
) |
|
|
— |
|
|
|
3,347 |
|
|
|
2,413 |
|
|
|
— |
|
BCC Jetstream Holdings Aviation (On II), LLC, First Lien Senior Secured Loan |
|
|
6,627 |
|
|
|
636 |
|
|
|
— |
|
|
|
(863 |
) |
|
|
— |
|
|
|
6,400 |
|
|
|
800 |
|
|
|
— |
|
BCC Jetstream Holdings Aviation (On II), LLC, Equity Interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
|
|
|
— |
|
BCC Jetstream Holdings Aviation (Off I), LLC, Equity Interest |
|
|
10,563 |
|
|
|
— |
|
|
|
— |
|
|
|
(175 |
) |
|
|
— |
|
|
|
10,388 |
|
|
|
1,068 |
|
|
|
— |
|
Gale Aviation (Offshore) Co, Equity Interest |
|
|
72,839 |
|
|
|
1,465 |
|
|
|
— |
|
|
|
17,022 |
|
|
|
— |
|
|
|
91,326 |
|
|
|
8,804 |
|
|
|
— |
|
International Senior Loan Program, LLC, Equity Interest Investment Vehicle |
|
|
44,444 |
|
|
|
19,769 |
|
|
|
— |
|
|
|
(1,583 |
) |
|
|
— |
|
|
|
62,630 |
|
|
|
5,165 |
|
|
|
— |
|
International Senior Loan Program, LLC, Subordinated Note Investment Vehicle |
|
|
125,437 |
|
|
|
61,542 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
186,979 |
|
|
|
15,510 |
|
|
|
— |
|
Lightning Holdings B, LLC- Equity Interest (1) |
|
|
14,851 |
|
|
|
11,421 |
|
|
|
— |
|
|
|
937 |
|
|
|
— |
|
|
|
27,209 |
|
|
|
— |
|
|
|
— |
|
Total Controlled affiliate investment |
$ |
|
274,761 |
|
$ |
|
151,432 |
|
$ |
|
— |
|
$ |
|
12,437 |
|
$ |
|
— |
|
$ |
|
438,630 |
|
$ |
|
38,220 |
|
$ |
|
— |
|
Total |
$ |
|
388,051 |
|
$ |
|
206,979 |
|
$ |
|
(21,272 |
) |
$ |
|
39,627 |
|
$ |
|
(1,355 |
) |
$ |
|
612,030 |
|
$ |
|
51,341 |
|
$ |
|
— |
|
(1) Non-income producing
94
Note 6. Debt
In accordance with applicable SEC staff guidance and interpretations, as a BDC, with certain exceptions, effective February 2, 2019, the Company is permitted to borrow amounts such that its asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. As of June 30, 2023 and December 31, 2022, the Company’s asset coverage ratio based on aggregated borrowings outstanding was 175.1% and 180.0%, respectively.
The Company’s outstanding borrowings as of June 30, 2023 and December 31, 2022 were as follows:
|
|
As of June 30, 2023 |
|
|
As of December 31, 2022 |
|
||||||||||||||||||||||||
|
|
|
Total Aggregate |
|
|
|
Principal |
|
|
|
|
|
|
|
Total Aggregate |
|
|
|
Principal |
|
|
|
|
|
||||||
|
|
|
Principal Amount |
|
|
|
Amount |
|
|
|
Carrying |
|
|
|
Principal Amount |
|
|
|
Amount |
|
|
|
Carrying |
|
||||||
|
|
|
Committed |
|
|
|
Outstanding |
|
|
|
Value (1) |
|
|
|
Committed |
|
|
|
Outstanding |
|
|
|
Value (1) |
|
||||||
2019-1 Debt |
|
$ |
|
352,500 |
|
|
$ |
|
352,500 |
|
|
$ |
|
351,163 |
|
|
$ |
|
352,500 |
|
|
$ |
|
352,500 |
|
|
$ |
|
351,099 |
|
Revolving Advisor Loan |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
50,000 |
|
|
|
|
— |
|
|
|
|
— |
|
March 2026 Notes |
|
|
|
300,000 |
|
|
|
|
300,000 |
|
|
|
|
296,952 |
|
|
|
|
300,000 |
|
|
|
|
300,000 |
|
|
|
|
296,392 |
|
October 2026 Notes |
|
|
|
300,000 |
|
|
|
|
300,000 |
|
|
|
|
295,492 |
|
|
|
|
300,000 |
|
|
|
|
300,000 |
|
|
|
|
294,812 |
|
Sumitomo Credit Facility (2) |
|
|
|
665,000 |
|
|
|
|
546,000 |
|
|
|
|
546,000 |
|
|
|
|
665,000 |
|
|
|
|
443,000 |
|
|
|
|
443,000 |
|
Total Debt |
|
$ |
|
1,617,500 |
|
|
$ |
|
1,498,500 |
|
|
$ |
|
1,489,607 |
|
|
$ |
|
1,667,500 |
|
|
$ |
|
1,395,500 |
|
|
$ |
|
1,385,303 |
|
The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the six months ended June 30, 2023 and year ended December 31, 2022 were 5.1% and 3.5%, respectively.
The following table shows the contractual maturities of our debt obligations as of June 30, 2023:
|
|
Payments Due by Period |
|
||||||||||||||||||||||
|
|
|
|
|
|
Less than |
|
|
|
|
|
|
|
|
|
|
More than |
|
|||||||
|
|
|
Total |
|
|
|
1 year |
|
|
|
1 — 3 years |
|
|
|
3 — 5 years |
|
|
5 years |
|
||||||
2019-1 Debt |
|
$ |
|
352,500 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
352,500 |
|
March 2026 Notes |
|
|
|
300,000 |
|
|
|
|
— |
|
|
|
|
300,000 |
|
|
|
|
— |
|
|
|
|
— |
|
October 2026 Notes |
|
|
|
300,000 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
300,000 |
|
|
|
|
— |
|
Sumitomo Credit Facility |
|
|
|
546,000 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
546,000 |
|
|
|
|
— |
|
Total Debt Obligations |
|
$ |
|
1,498,500 |
|
|
$ |
|
— |
|
|
$ |
|
300,000 |
|
|
$ |
|
846,000 |
|
|
$ |
|
352,500 |
|
2018‑1 Notes
On September 28, 2018 (the “2018‑1 Closing Date”), we, through BCC Middle Market CLO 2018‑1 LLC (the “2018‑1 Issuer”), a Delaware limited liability company and a wholly owned and consolidated subsidiary of the Company, completed its $451.2 million term debt securitization (the “CLO Transaction”). The notes issued in connection with the CLO Transaction (the “2018‑1 Notes”) are secured by a diversified portfolio of the 2018‑1 Issuer consisting primarily of middle market loans, the majority of which are senior secured loans (the “2018‑1 Portfolio”). At the 2018‑1 Closing Date, the 2018‑1 Portfolio was comprised of assets transferred from the Company and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the CLO Transaction.
The CLO Transaction was executed through a private placement of the following 2018‑1 Notes. The Class A‑1 A, A‑1 B, A‑2, B and C 2018‑1 Notes were issued at par and are scheduled to mature on October 20, 2030. The Company received 100% of the membership interests (the “Membership Interests”) in the 2018‑1 Issuer in exchange for its sale to the 2018‑1 Issuer of the initial closing date loan portfolio. The Membership Interests do not bear interest. At the time of the transaction, the Class A‑1 A, A‑1 B, A‑2, B and C 2018‑1 Notes were included in the consolidated financial statements and the Membership Interests were eliminated in consolidation. On March 7, 2022, the Company sold 70% of the membership equity interests of the Company’s 2018-1 Notes to SLP, which resulted in the deconsolidation of the 2018-1 Notes from the Company’s consolidated financial statements as further discussed in Note 3.
95
For the three months ended June 30, 2023 and 2022, the components of interest expense related to the 2018-1 Issuer were as follows:
|
|
For the Three Months Ended June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Borrowing interest expense |
|
$ |
|
— |
|
|
$ |
|
— |
|
Amortization of deferred financing costs and upfront commitment fees |
|
|
|
— |
|
|
|
|
— |
|
Total interest and debt financing expenses |
|
$ |
|
— |
|
|
$ |
|
— |
|
For the six months ended June 30, 2023 and 2022, the components of interest expense related to the 2018-1 Issuer were as follows:
|
|
For the Six Months Ended June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Borrowing interest expense |
|
$ |
|
— |
|
|
$ |
|
1,299 |
|
Amortization of deferred financing costs and upfront commitment fees |
|
|
|
— |
|
|
|
|
28 |
|
Total interest and debt financing expenses |
|
$ |
|
— |
|
|
$ |
|
1,327 |
|
2019‑1 Debt
On August 28, 2019, the Company, through BCC Middle Market CLO 2019‑1 LLC (the “2019‑1 Issuer”), a Cayman Islands limited liability company and a wholly-owned and consolidated subsidiary of the Company, and BCC Middle Market CLO 2019‑1 Co-Issuer, LLC (the “Co-Issuer” and, together with the Issuer, the “Co-Issuers”), a Delaware limited liability company, completed its $501.0 million term debt securitization (the “2019‑1 CLO Transaction”). The notes issued in connection with the 2019‑1 CLO Transaction (the “2019‑1 Notes”) are secured by a diversified portfolio of the Co-Issuers consisting primarily of middle market loans, the majority of which are senior secured loans (the “2019‑1 Portfolio”). The Co-Issuers also issued Class A‑1L Loans (the “Loans” and, together with the 2019‑1 Notes, the “2019‑1 Debt”). The Loans are also secured by the 2019‑1 Portfolio. At the 2019‑1 closing date, the 2019‑1 Portfolio was comprised of assets transferred from the Company and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2019‑1 CLO Transaction.
On November 30, 2021, the Co-Issuers refinanced the 2019‑1 CLO Transaction through a private placement of $410 million of senior secured and senior deferrable notes consisting of: (i) $282.5 million of Class A‑1‑R Senior Secured Floating Rate Notes, which currently bear interest at the applicable reference rate plus 1.50% per annum; (ii) $55 million of Class A‑2‑R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.00% per annum; (iii) $47.5 million of Class B-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 2.60% per annum; and (iv) $25.0 million of Class C-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 3.75% per annum (collectively, the “2019‑1 CLO Reset Notes”). As part of the transactions, the 2019-1 Issuer was redomiciled from Cayman to Jersey. The 2019‑1 CLO Reset Notes are scheduled to mature on October 15, 2033 and the reinvestment period ends October 15, 2025. The Company retained $32.5 million of the Class B-R Notes and $25.0 million of the Class C-R Notes. The retained notes by the Company are eliminated in consolidation. The transaction resulted in a realized loss on the extinguishment of debt of $2.3 million from the acceleration of unamortized debt issuance costs of. The obligations of the Issuer under the CLO Transaction are non-recourse to the Company.
On June 15, 2023, the Company entered into a Second Supplemental Indenture (“2019-1 Supplemental Indenture”), dated as of June 15, 2023, pursuant to Section 8.1(xxxi) of the Indenture, dated as of November 30, 2021, between BCC Middle Market CLO 2019-1, LTD, as issuer, and Wells Fargo Bank, National Association, as trustee. The 2019-1 Supplemental Indenture provides for, among other things, an adoption of an alternate reference rate of Term SOFR plus 0.26161%, effective July 1, 2023.
96
The 2019‑1 CLO Reset Notes was executed through a private placement of the following 2019‑1 Debt:
|
|
|
|
|
|
|
|
|
|
Interest rate at |
|
|
|||
2019-1 Debt |
|
Principal Amount |
|
|
Spread above Index |
|
June 30, 2023 |
|
|
||||||
Class A-1-R |
|
$ |
|
282,500 |
|
|
|
1.50 |
|
% + 3 Month LIBOR |
|
|
6.76 |
|
% |
Class A-2-R |
|
|
|
55,000 |
|
|
|
2.00 |
|
% + 3 Month LIBOR |
|
|
7.26 |
|
% |
Class B-R |
|
|
|
15,000 |
|
|
|
2.60 |
|
% + 3 Month LIBOR |
|
|
7.86 |
|
% |
Total 2019-1 Debt |
|
|
|
352,500 |
|
|
|
|
|
|
|
|
|
||
Membership Interests |
|
|
|
102,250 |
|
|
Non-interest bearing |
|
Not applicable |
|
|
||||
Total |
|
$ |
|
454,750 |
|
|
|
|
|
|
|
|
|
||
The Loans and Class A‑1‑R, A‑2‑R, and B-R Notes are included in the consolidated financial statements of the Company. The $32.5 million of the Class B-R Notes, $25.0 million of the Class C-R Notes and Membership Interests retained by the Company are eliminated in consolidation.
The Company serves as portfolio manager of the 2019‑1 Issuer pursuant to a portfolio management agreement between the Company and the 2019‑1 Issuer. For so long as the Company serves as portfolio manager, the Company will not charge any management fee or subordinated interest to which it may be entitled.
During the reinvestment period, pursuant to the indenture and loan agreement governing the 2019‑1 Notes and Loans, respectively, all principal collections received on the underlying collateral may be used by the 2019‑1 Issuer to purchase new collateral under the direction of the Company in its capacity as portfolio manager of the 2019‑1 Issuer and in accordance with the 2019‑1 Issuer investment strategy and the terms of the indenture and loan agreement, as applicable.
The Company has agreed to hold on an ongoing basis the Membership Interests with an aggregate dollar purchase price at least equal to 5% of the aggregate amount of all obligations issued by the 2019‑1 Co-Issuers for so long as the 2019‑1 Debt remains outstanding.
The 2019‑1 Issuer pays ongoing administrative expenses to the trustee, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2019‑1 Issuer.
As of June 30, 2023, there were 52 first lien and second lien senior secured loans with a total fair value of approximately $479.9 million and cash of $26.2 million securing the 2019-1 Debt. As of December 31, 2022, there were 49 first lien and second lien senior secured loans with a total fair value of approximately $447.4 million and cash of $56.0 million securing the 2019-1 Debt. Assets that are pledged as collateral for the 2019-1 Debt are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company’s obligations under the indenture and loan agreement governing the 2019-1 Debt. The creditors of the 2019-1 Co-Issuers have received security interests in such assets and such assets are not intended to be available to the creditors of the Company (or an affiliate of the Company). The 2019-1 Portfolio must meet certain requirements, including asset mix and concentration, term, agency rating, collateral coverage, minimum coupon, minimum spread and sector diversity requirements in the indenture and loan agreement governing the 2019-1 Debt. As of June 30, 2023, the Company was in compliance with its covenants related to the 2019-1 Debt.
Costs of the offering of $1.5 million were incurred in connection with the 2019‑1 CLO Reset Notes which have been recorded as debt issuance costs and presented as a reduction to the outstanding principal amount of the 2019‑1 Debt on the consolidated statements of assets and liabilities and are being amortized over the life using the effective interest method. The balance of the unamortized debt issuance costs was $1.3 million and $1.4 million as of June 30, 2023 and December 31, 2022, respectively.
97
For the three months ended June 30, 2023 and 2022, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:
|
|
For the Three Months Ended June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Borrowing interest expense |
|
$ |
|
6,062 |
|
|
$ |
|
2,268 |
|
Amortization of deferred financing costs and upfront commitment fees |
|
|
|
32 |
|
|
|
|
32 |
|
Total interest and debt financing expenses |
|
$ |
|
6,094 |
|
|
$ |
|
2,300 |
|
For the six months ended June 30, 2023 and 2022, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:
|
|
For the Six Months Ended June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Borrowing interest expense |
|
$ |
|
11,605 |
|
|
$ |
|
3,892 |
|
Amortization of deferred financing costs and upfront commitment fees |
|
|
|
64 |
|
|
|
|
64 |
|
Total interest and debt financing expenses |
|
$ |
|
11,669 |
|
|
$ |
|
3,956 |
|
Revolving Advisor Loan
On March 27, 2020, the Company entered into an unsecured revolving loan agreement (the “Revolving Advisor Loan”) with BCSF Advisors, LP, the investment adviser of the Company. The Revolving Advisor Loan had a maximum credit limit of $50.0 million and matured on March 27, 2023. The Revolving Advisor Loan accrued interest at the Applicable Federal Rate from the date of such loan until the loan was repaid in full.
For the three and six months ended June 30, 2023 and 2022, the Revolving Advisor Loan did not incur any interest expense.
2023 Notes
On June 10, 2020, the Company entered into a Master Note Purchase Agreement with institutional investors listed on the Purchaser Schedule thereto (the “Note Purchase Agreement”), in connection with the Company’s issuance of $150.0 million aggregate principal amount of its 8.50% senior unsecured notes due 2023 (the “2023 Notes”). The sale of the 2023 Notes generated net proceeds of approximately $146.4 million, including an offering discount of $1.5 million and debt issuance costs in connection with the transaction, including fees and commissions, of $2.1 million.
The 2023 Notes were scheduled to mature on June 10, 2023 and could be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Note Purchase Agreement. The 2023 Notes bore interest at a rate of 8.50% per year payable semi-annually on June 10 and December 10 of each year, commencing on December 10, 2020.
On July 16, 2021 the Company repurchased $37.5 million of the 2023 Notes at a total cost of $39.5 million. This resulted in a realized loss on the extinguishment of debt of $2.5 million, which included a premium paid of $2.0 million and acceleration of unamortized debt issuance costs and original issue discount of $0.5 million.
On August 24, 2022, the Company issued a notice to the noteholders of the 2023 Notes, indicating its intention to prepay the total aggregate principal amount committed of $150,000,000, including the principal amount outstanding of $112,500,000, under the 2023 Notes pursuant to the terms of the Note Purchase Agreement governing the 2023 Notes. The Notes were prepaid at 100% of their principal amount, plus accrued and unpaid interest thereon, on September 6, 2022. This resulted in a realized loss on the extinguishment of debt of $0.7 million, which included acceleration of unamortized debt issuance costs and original issue discount of $0.7 million.
98
For the three months ended June 30, 2023 and 2022, the components of interest expense related to the 2023 Notes were as follows:
|
|
For the Three Months Ended June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Borrowing interest expense |
|
$ |
|
— |
|
|
$ |
|
2,344 |
|
Amortization of debt issuance cost |
|
|
|
— |
|
|
|
|
137 |
|
Accretion of original issue discount |
|
|
|
— |
|
|
|
|
91 |
|
Total interest and debt financing expenses |
|
$ |
|
— |
|
|
$ |
|
2,572 |
|
For the six months ended June 30, 2023 and 2022, the components of interest expense related to the 2023 Notes were as follows:
|
|
|
For the Six Months Ended June 30, |
|
||||||
|
|
2023 |
|
|
2022 |
|
||||
Borrowing interest expense |
|
$ |
|
— |
|
|
$ |
|
4,594 |
|
Amortization of debt issuance cost |
|
|
|
— |
|
|
|
|
272 |
|
Accretion of original issue discount |
|
|
|
— |
|
|
|
|
181 |
|
Total interest and debt financing expenses |
|
$ |
|
— |
|
|
$ |
|
5,047 |
|
March 2026 Notes
On March 10, 2021, the Company and U.S. Bank National Association (the “Trustee”), entered into an Indenture (the “Base Indenture”) and First Supplemental Indenture (the “First Supplemental Indenture,” and together with the Base Indenture, the “Indenture”) between the Company and the Trustee. The First Supplemental Indenture relates to the Company’s issuance of $300.0 million aggregate principal amount of its 2.95% notes due 2026 (the “March 2026 Notes”).
The March 2026 Notes will mature on March 10, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The March 2026 Notes bear interest at a rate of 2.95% per year payable semi-annually on March 10th and September 10th of each year, commencing on September 10, 2021. The March 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the March 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The net proceeds to the Company were approximately $294.3 million, after deducting the underwriting discounts and commissions of $4.4 million and offering expenses of $1.3 million.
As of June 30, 2023 and December 31, 2022 the components of the carrying value of the March 2026 Notes were as follows:
|
|
June 30, |
|
|
December 31, |
|
||||
|
|
2023 |
|
|
2022 |
|
||||
Principal amount of debt |
|
$ |
|
300,000 |
|
|
$ |
|
300,000 |
|
Unamortized debt issuance cost |
|
|
|
(1,748 |
) |
|
|
|
(2,069 |
) |
Original issue discount, net of accretion |
|
|
|
(1,300 |
) |
|
|
|
(1,539 |
) |
Carrying value of 2026 Notes |
|
$ |
|
296,952 |
|
|
$ |
|
296,392 |
|
99
For the three months ended June 30, 2023 and 2022, the components of interest expense related to the March 2026 Notes were as follows:
|
|
For the Three Months Ended June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Borrowing interest expense |
|
$ |
|
2,212 |
|
|
$ |
|
2,213 |
|
Amortization of debt issuance cost |
|
|
|
162 |
|
|
|
|
162 |
|
Accretion of original issue discount |
|
|
|
120 |
|
|
|
|
120 |
|
Total interest and debt financing expenses |
|
$ |
|
2,494 |
|
|
$ |
|
2,495 |
|
For the six months ended June 30, 2023 and 2022, the components of interest expense related to the March 2026 Notes were as follows:
|
|
|
For the Six Months Ended June 30, |
|
||||||
|
|
2023 |
|
|
2022 |
|
||||
Borrowing interest expense |
|
$ |
|
4,425 |
|
|
$ |
|
4,426 |
|
Amortization of debt issuance cost |
|
|
|
322 |
|
|
|
|
321 |
|
Accretion of original issue discount |
|
|
|
239 |
|
|
|
|
239 |
|
Total interest and debt financing expenses |
|
$ |
|
4,986 |
|
|
$ |
|
4,986 |
|
October 2026 Notes
On October 13, 2021, the Company and the Trustee entered into a Second Supplemental Indenture (the “Second Supplemental Indenture”) to the Indenture between the Company and the Trustee. The Second Supplemental Indenture relates to the Company’s issuance of $300.0 million aggregate principal amount of its 2.55% notes due 2026 (the “October 2026 Notes,” and together with the March 2026 Notes, the “2026 Notes”).
The October 2026 Notes will mature on October 13, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The October 2026 Notes bear interest at a rate of 2.55% per year payable semi-annually on April 13 and October 13 of each year, commencing on April 13, 2022. The October 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the October 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The net proceeds to the Company were approximately $293.1 million, after deducting the underwriting discounts and commissions of $6.2 million and offering expenses of $0.7 million.
As of June 30, 2023 and December 31, 2022 the components of the carrying value of the October 2026 Notes were as follows:
|
|
June 30, |
|
|
December 31, |
|
||||
|
|
2023 |
|
|
2022 |
|
||||
Principal amount of debt |
|
$ |
|
300,000 |
|
|
$ |
|
300,000 |
|
Unamortized debt issuance cost |
|
|
|
(2,403 |
) |
|
|
|
(2,765 |
) |
Original issue discount, net of accretion |
|
|
|
(2,105 |
) |
|
|
|
(2,423 |
) |
Carrying value of 2026 Notes |
|
$ |
|
295,492 |
|
|
$ |
|
294,812 |
|
100
For the three months ended June 30, 2023 and 2022, the components of interest expense related to the October 2026 Notes were as follows:
|
|
For the Three Months Ended June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Borrowing interest expense |
|
$ |
|
1,912 |
|
|
$ |
|
1,913 |
|
Amortization of debt issuance cost |
|
|
|
182 |
|
|
|
|
182 |
|
Accretion of original issue discount |
|
|
|
159 |
|
|
|
|
159 |
|
Total interest and debt financing expenses |
|
$ |
|
2,253 |
|
|
$ |
|
2,254 |
|
For the six months ended June 30, 2023 and 2022, the components of interest expense related to the October 2026 Notes were as follows:
|
|
|
For the Six Months Ended June 30, |
|
||||||
|
|
2023 |
|
|
2022 |
|
||||
Borrowing interest expense |
|
$ |
|
3,825 |
|
|
$ |
|
3,825 |
|
Amortization of debt issuance cost |
|
|
|
362 |
|
|
|
|
362 |
|
Accretion of original issue discount |
|
|
|
317 |
|
|
|
|
317 |
|
Total interest and debt financing expenses |
|
$ |
|
4,504 |
|
|
$ |
|
4,504 |
|
Sumitomo Credit Facility
On December 24, 2021, the Company entered into a senior secured revolving credit agreement (the “Sumitomo Credit Agreement” or the “Sumitomo Credit Facility”) as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. The Credit Agreement is effective as of December 24, 2021.
The facility amount under the Sumitomo Credit Agreement is $300.0 million with an accordion provision to permit increases to the total facility amount up to $1.0 billion. Proceeds of the loans under the Sumitomo Credit Agreement may be used for general corporate purposes of the Company, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the Sumitomo Credit Agreement. The maturity date is December 24, 2026.
On July 6, 2022, the Company entered into the First Amendment to the Sumitomo Credit Agreement. The First Amendment provides for an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $300.0 million to $385.0 million. The First Amendment also replaced the LIBOR benchmark provisions under the Sumitomo Credit Agreement with SOFR benchmark provisions, including applicable credit spread adjustments.
On July 22, 2022, the Company entered into the Increasing Lender/Joinder Lender Agreement (the “Joinder Agreement”), dated as of July 22, 2022, pursuant to Section 2.08(e) of the Sumitomo Credit Agreement. The Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $385.0 million to $485.0 million.
On August 24, 2022, the Company entered into the Second Amendment, which provides for, among other things, an upsize in the total commitments from lenders under the Sumitomo Credit Agreement from $485.0 million to $635.0 million.
On December 14, 2022, the Company entered into a second Increasing Lender/Joinder Lender Agreement (the “Second Joinder Agreement”), dated as of December 14, 2022, pursuant to Section 2.08(e) of the Sumitomo Credit Agreement. The Second Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $635.0 million to $665.0 million.
Interest under the Sumitomo Credit Agreement for (i) loans for which the Company elects the base rate option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at an “alternate base rate” (which is the greater of zero and the highest of (a) the prime rate as published in the print edition of The Wall Street Journal, Money
101
Rates Section, (b) the federal funds effective rate plus 0.5% and (c) the one-month Eurocurrency rate plus 1% per annum) plus 0.75% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, the alternate base rate plus 0.875% per annum; (ii) loans for which the Company elects the Eurocurrency option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to the Eurocurrency rate plus 1.75% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to the Eurocurrency rate plus 1.875% per annum; and (iii) loans for which the Company elects the risk-free-rate option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to risk-free-rate plus 1.8693% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to risk-free-rate plus 1.9943% per annum. The Company pays a used commitment fee of 37.5 basis points (0.375%) on the average daily unused amount of the dollar commitment.
The Sumitomo Credit Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of June 30, 2023, the Company was in compliance with its covenants related to the Sumitomo Credit Facility.
As of June 30, 2023 and December 31, 2022, there were $546.0 million and $443.0 million of borrowings under the Sumitomo Credit Facility.
For the three months ended June 30, 2023 and 2022, the components of interest expense related to the Sumitomo Credit Facility were as follows:
|
|
For the Three Months Ended June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Borrowing interest expense |
|
$ |
|
9,244 |
|
|
$ |
|
1,160 |
|
Unused facility fee |
|
|
|
140 |
|
|
|
|
137 |
|
Accretion of original issue discount |
|
|
|
234 |
|
|
|
|
109 |
|
Total interest and debt financing expenses |
|
$ |
|
9,618 |
|
|
$ |
|
1,406 |
|
For the six months ended June 30, 2023 and 2022, the components of interest expense related to the Sumitomo Credit Facility were as follows:
|
|
|
For the Six Months Ended June 30, |
|
||||||
|
|
2023 |
|
|
2022 |
|
||||
Borrowing interest expense |
|
$ |
|
18,119 |
|
|
$ |
|
1,204 |
|
Unused facility fee |
|
|
|
265 |
|
|
|
|
429 |
|
Accretion of original issue discount |
|
|
|
466 |
|
|
|
|
217 |
|
Total interest and debt financing expenses |
|
$ |
|
18,850 |
|
|
$ |
|
1,850 |
|
Note 7. Derivatives
The Company is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by the Company may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency.
The Company may enter into forward currency exchange contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies, as described in Note 2. The fair value of derivative contracts open as of June 30, 2023 and December 31, 2022 is included on the consolidated schedules of investments by contract. The Company had collateral receivable of $7.5 million for June 30, 2023 and collateral receivable of $9.6 million for December 31, 2022 with the counterparties on foreign currency exchange contracts. Collateral amounts posted are included in collateral on forward currency exchange contracts on the consolidated statements of assets and liabilities. Collateral payable is included in collateral payable on forward currency exchange contracts on the consolidated statements of assets and liabilities.
102
For the three and six months ended June 30, 2023, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts were $213.6 million and $194.7 million, respectively. For the three and six months ended June 30, 2022, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts were $130.1 million and $116.9 million, respectively.
By using derivative instruments, the Company is exposed to the counterparty’s credit risk—the risk that derivative counterparties may not perform in accordance with the contractual provisions offset by the value of any collateral received. The Company’s exposure to credit risk associated with counterparty non-performance is limited to collateral posted and the unrealized gains inherent in such transactions that are recognized in the consolidated statements of assets and liabilities. The Company minimizes counterparty credit risk through credit monitoring procedures, executing master netting arrangements and managing margin and collateral requirements, as appropriate.
The Company presents forward currency exchange contracts on a net basis by counterparty on the consolidated statements of assets and liabilities. The Company has elected not to offset assets and liabilities in the consolidated statements of assets and liabilities that may be received or paid as part of collateral arrangements, even when an enforceable master netting arrangement or other arrangement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.
The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of June 30, 2023:
|
|
|
|
|
|
|
|
|
|
|
Net amount of |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
Gross amount of |
|
|
assets or |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
Gross amount of |
|
|
(liabilities) |
|
|
(liabilities) |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
assets on the |
|
|
on the |
|
|
presented on the |
|
|
|
|
|
|
|
|
|
||||||||
|
|
Account in the |
|
consolidated |
|
|
consolidated |
|
|
consolidated |
|
|
|
|
|
|
|
|
|||||||||
|
|
consolidated |
|
statements of |
|
|
statements of |
|
|
statements of |
|
|
Cash Collateral |
|
|
|
|
|
|||||||||
|
|
statements of assets |
|
assets and |
|
|
assets and |
|
|
assets and |
|
|
paid |
|
|
Net |
|
||||||||||
Counterparty |
|
and liabilities |
|
liabilities |
|
|
liabilities |
|
|
liabilities |
|
|
(received) (1) |
|
|
Amounts (2) |
|
||||||||||
Bank of New York |
|
Unrealized appreciation on forward currency contracts |
|
$ |
|
3,148 |
|
|
$ |
|
(3,093 |
) |
|
$ |
|
55 |
|
|
$ |
|
— |
|
|
$ |
|
55 |
|
Citibank |
|
Unrealized depreciation on forward currency contracts |
|
$ |
|
488 |
|
|
$ |
|
(1,796 |
) |
|
$ |
|
(1,308 |
) |
|
$ |
|
— |
|
|
$ |
|
(1,308 |
) |
The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of December 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
Net amount of |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
Gross amount of |
|
|
assets or |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
Gross amount of |
|
|
(liabilities) |
|
|
(liabilities) |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
assets on the |
|
|
on the |
|
|
presented on the |
|
|
|
|
|
|
|
|
|
||||||||
|
|
Account in the |
|
consolidated |
|
|
consolidated |
|
|
consolidated |
|
|
|
|
|
|
|
|
|||||||||
|
|
consolidated |
|
statements of |
|
|
statements of |
|
|
statements of |
|
|
Cash Collateral |
|
|
|
|
|
|||||||||
|
|
statements of assets |
|
assets and |
|
|
assets and |
|
|
assets and |
|
|
paid |
|
|
Net |
|
||||||||||
Counterparty |
|
and liabilities |
|
liabilities |
|
|
liabilities |
|
|
liabilities |
|
|
(received) (1) |
|
|
Amounts (2) |
|
||||||||||
Bank of New York |
|
Unrealized appreciation on forward currency contracts |
|
$ |
|
3,488 |
|
|
$ |
|
(3,459 |
) |
|
$ |
|
29 |
|
|
$ |
|
— |
|
|
$ |
|
29 |
|
Citibank |
|
Unrealized appreciation on forward currency contracts |
|
$ |
|
249 |
|
|
$ |
|
(216 |
) |
|
$ |
|
33 |
|
|
$ |
|
— |
|
|
$ |
|
33 |
|
103
The effect of transactions in derivative instruments to the consolidated statements of operations during the three months ended June 30, 2023 and 2022 was as follows:
|
|
For the Three Months Ended June 30 |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Net realized gain on forward currency exchange contracts |
|
$ |
|
— |
|
|
$ |
|
2,018 |
|
Net change in unrealized appreciation on forward currency exchange contracts |
|
|
|
(1,476 |
) |
|
|
|
8,124 |
|
Total net realized and unrealized gains (losses) on forward currency exchange contracts |
|
$ |
|
(1,476 |
) |
|
$ |
|
10,142 |
|
Included in total net gains (losses) on the consolidated statements of operations is net gains (losses) of $2.6 million and ($9.0) million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended June 30, 2023 and 2022, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of ($1.5) million and $10.1 million, respectively, included in the above table, the net impact of foreign currency on total net gains on the consolidated statements of operations is $1.1 million and $1.1 million for the three months ended June 30, 2023 and 2022, respectively.
104
The effect of transactions in derivative instruments to the consolidated statements of operations during the six months ended June 30, 2023 and 2022 was as follows:
|
|
For the Six Months Ended June 30 |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Net realized gain (loss) on forward currency exchange contracts |
|
$ |
|
(2,385 |
) |
|
$ |
|
3,261 |
|
Net change in unrealized appreciation on forward currency exchange contracts |
|
|
|
(1,315 |
) |
|
|
|
9,775 |
|
Total net realized and unrealized gains (losses) on forward currency exchange contracts |
|
$ |
|
(3,700 |
) |
|
$ |
|
13,036 |
|
Included in total net gains (losses) on the consolidated statements of operations is net gains (losses) of $4.7 million and ($12.2) million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the six months ended June 30, 2023 and 2022, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of ($3.7) million and $13.0 million, respectively, included in the above table, the net impact of foreign currency on total net gains on the consolidated statements of operations is $1.0 million and $0.9 million for the six months ended June 30, 2023 and 2022, respectively.
Note 8. Distributions
The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the six months ended June 30, 2023:
|
|
|
|
|
|
Amount |
|
|
Total |
|
||||
Date Declared |
|
Record Date |
|
Payment Date |
|
Per Share |
|
|
Distributions |
|
||||
February 28, 2023 |
|
March 31, 2023 |
|
April 28, 2023 |
|
$ |
|
0.38 |
|
|
$ |
|
24,534 |
|
May 9, 2023 |
|
June 30, 2023 |
|
July 31, 2023 |
|
$ |
|
0.38 |
|
|
$ |
|
24,534 |
|
Total distributions declared |
|
|
|
|
|
$ |
|
0.76 |
|
|
$ |
|
49,068 |
|
The distributions declared during the six months ended June 30, 2023 were derived from investment company taxable income and net capital gain, if any.
The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the six months ended June 30, 2022:
|
|
|
|
|
|
Amount Per |
|
|
Total |
|
||||
Date Declared |
|
Record Date |
|
Payment Date |
|
Share |
|
|
Distributions |
|
||||
February 23, 2022 |
|
March 31, 2022 |
|
April 29, 2022 |
|
$ |
|
0.34 |
|
|
$ |
|
21,951 |
|
May 5, 2022 |
|
June 30, 2022 |
|
July 29, 2022 |
|
$ |
|
0.34 |
|
|
$ |
|
21,951 |
|
Total distributions declared |
|
|
|
|
|
$ |
|
0.68 |
|
|
$ |
|
43,902 |
|
The distributions declared during the six months ended June 30, 2022 were derived from investment company taxable income and net capital gain, if any.
The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Company’s investment company taxable income for the full fiscal year and distributions paid during the full year.
Note 9. Common Stock/Capital
The Company has authorized 100,000,000,000 shares of its common stock with a par value of $0.001 per share. The Company has authorized 10,000,000,000 shares of its preferred stock with a par value of $0.001 per share. Shares of preferred stock have not been issued.
Prior to the IPO, the Company had issued 43,982,137.46 shares in the private placement of the Company’s common shares (the “Private Offering”). Each investor had entered into a separate subscription agreement relating to the Company’s common stock (the “Subscription Agreements”). Each investor had made a capital commitment to purchase shares of the Company’s common stock pursuant to the Subscription Agreements. Investors were required to make capital contributions to purchase shares of the Company’s common stock each time the Company delivered a drawdown notice, which were delivered at least 10 business days prior to the required funding date in an aggregate amount not to exceed their respective capital commitments. The number of shares to be issued to a
105
stockholder was determined by dividing the total dollar amount of the contribution by a stockholder by the net asset value per share of the common stock as of the last day of the Company’s fiscal quarter or such other date and price per share as determined by the Board in accordance with the requirements of the 1940 Act. As of December 31, 2018, aggregate commitments relating to the Private Offering were $1.3 billion. All outstanding commitments related to these Subscription Agreements were cancelled due to the completion of the IPO on November 15, 2018. As of June 30, 2023 and December 31, 2022, BCSF Advisors, LP contributed in aggregate $8.9 million and $8.9 million to the Company and received 488,212.35 and 488,212.35 shares of the Company, respectively. At June 30, 2023 and December 31, 2022, BCSF Advisors, LP owned 0.70% and 0.74%, respectively, of the outstanding common stock of the Company.
On November 19, 2018, the Company closed its initial public offering (the “IPO”) issuing 7,500,000 shares of its common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018. The offering generated proceeds, before expenses, of $147.3 million. All outstanding commitments were cancelled due to the completion of the initial public offering.
For the three months ended June 30, 2023 and 2022, there were no shares issued pursuant to the dividend reinvestment plan. For the six months ended June 30, 2023 and 2022, there were no shares issued pursuant to the dividend reinvestment plan.
BCSF Investments, LLC and certain individuals, including Michael A. Ewald, the Company’s Chief Executive Officer and a Managing Director of Bain Capital Credit; Jonathan S. Lavine, Co-Managing Partner of Bain Capital, LP and Founder and Chief Investment Officer of Bain Capital Credit; John Connaughton, Co-Managing Partner of Bain Capital, LP; Jeffrey B. Hawkins, Chairman of the Company’s Board of Directors and a Managing Director of Bain Capital Credit; and Michael J. Boyle, the Company’s President and a Managing Director of Bain Capital Credit, adopted the 10b5‑1 Plan in accordance with Rules 10b5‑1 and 10b‑18 under the Exchange Act, under which such parties would buy up to $20 million in the aggregate of the Company’s common stock in the open market during the period beginning after four full calendar weeks after the closing of the IPO and ending on the earlier of the date on which the capital committed to the 10b5‑1 has been exhausted or one year after the closing of the IPO.
On May 7, 2019, the Company’s Board of Directors authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Securities Exchange Act of 1934. Any such repurchases will depend upon market conditions and there is no guarantee that the Company will repurchase any particular number of shares or any shares at all. As of June 30, 2023, there have been no repurchases of common stock.
On May 4, 2020, the Company’s Board of Directors approved a transferable subscription rights offering to our stockholders of record as of May 13, 2020. The rights entitled record stockholders to subscribe for up to an aggregate of 12,912,453 shares of our common stock. Record stockholders received one right for each share of common stock owned on the record date. The rights entitled the holders to purchase one new share of common stock for every four rights held, and record stockholders who fully exercised their rights were entitled to subscribe, subject to certain limitations and allotment rules, for additional shares that remain unsubscribed as a result of any unexercised rights. The rights were transferable and on the New York Stock Exchange under the symbol “BCSF RT”. The rights offering expired June 5, 2020. Based on the terms of the offering and the market price of the stock during the applicable period, holders of rights participating in the offering were entitled to purchase one new share of common stock for every four rights held at a subscription price of $10.2163 per share. On June 16, 2020, the Company closed its transferrable rights offering and issued 12,912,453 shares. The offering generated net proceeds, before expenses, of $129.6 million, including the underwriting discount and commissions of $2.3 million.
Note 10. Commitments and Contingencies
Commitments
The Company’s investment portfolio may contain debt investments that are in the form of lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.
106
As of June 30, 2023, the Company had $276.0 million of unfunded commitments under loan and financing agreements as follows:
Portfolio Company & Investment |
|
Expiration Date(1) |
|
|
Unfunded Commitments(2) |
|
|
9 Story Media Group Inc. - Revolver |
|
4/30/2026 |
|
$ |
|
508 |
|
A&R Logistics, Inc. - Revolver |
|
5/5/2025 |
|
|
|
5,851 |
|
Abracon Group Holding, LLC. - Delayed Draw |
|
7/6/2028 |
|
|
|
3,552 |
|
Abracon Group Holding, LLC. - Revolver |
|
7/6/2028 |
|
|
|
2,018 |
|
Access - Delayed Draw |
|
6/4/2029 |
|
|
|
1,507 |
|
Allworth Financial Group, L.P. - Revolver |
|
12/23/2026 |
|
|
|
2,440 |
|
Amspec Services, Inc. - Revolver |
|
7/2/2024 |
|
|
|
2,756 |
|
Apollo Intelligence - Delayed Draw |
|
6/1/2028 |
|
|
|
9,611 |
|
Apollo Intelligence - Revolver |
|
6/1/2028 |
|
|
|
6,007 |
|
Applitools - Revolver |
|
5/25/2028 |
|
|
|
3,430 |
|
Appriss Holdings, Inc. - Revolver |
|
5/6/2027 |
|
|
|
753 |
|
Aramsco, Inc. - Revolver |
|
8/28/2024 |
|
|
|
3,387 |
|
Arctic Glacier U.S.A., Inc. - Revolver |
|
5/24/2028 |
|
|
|
829 |
|
ASP-r-pac Acquisition Co LLC - Revolver |
|
12/29/2027 |
|
|
|
3,253 |
|
Avalon Acquiror, Inc. - Revolver |
|
3/10/2028 |
|
|
|
5,042 |
|
Caribou Bidco Limited - Delayed Draw |
|
1/29/2029 |
|
|
|
22 |
|
CB Nike IntermediateCo Ltd - Revolver |
|
10/31/2025 |
|
|
|
44 |
|
Concert Golf Partners Holdco LLC - Delayed Draw |
|
4/2/2029 |
|
|
|
1,884 |
|
Concert Golf Partners Holdco LLC - Revolver |
|
3/31/2028 |
|
|
|
2,492 |
|
Congress Buyer DD T/L - Delayed Draw |
|
6/30/2029 |
|
|
|
1,654 |
|
Congress Buyer R/C - Revolver |
|
6/30/2029 |
|
|
|
1,102 |
|
CPS Group Holdings, Inc. - Revolver |
|
3/3/2025 |
|
|
|
3,157 |
|
Darcy Partners - Revolver |
|
6/1/2028 |
|
|
|
349 |
|
Datix Bidco Limited - Revolver |
|
10/28/2024 |
|
|
|
2 |
|
Direct Travel, Inc. - Delayed Draw |
|
10/2/2025 |
|
|
|
2,175 |
|
Efficient Collaborative Retail Marketing Company, LLC - Revolver |
|
6/30/2024 |
|
|
|
992 |
|
Element Buyer, Inc. - Revolver |
|
7/19/2024 |
|
|
|
4,250 |
|
Eleven Software - Revolver |
|
9/25/2026 |
|
|
|
397 |
|
Gills Point S - Delayed Draw |
|
5/15/2029 |
|
|
|
1,262 |
|
Gills Point S - Revolver |
|
5/15/2029 |
|
|
|
518 |
|
Grammer Purchaser, Inc. - Revolver |
|
9/30/2024 |
|
|
|
234 |
|
GSP Holdings, LLC - Revolver |
|
11/6/2025 |
|
|
|
2,267 |
|
Gulf Winds International - Revolver |
|
12/16/2028 |
|
|
|
5,292 |
|
ImageTrend - Revolver |
|
1/31/2029 |
|
|
|
4,000 |
|
Intoxalock - Revolver |
|
11/1/2028 |
|
|
|
3,430 |
|
JHCC Holdings, LLC - Revolver |
|
9/9/2025 |
|
|
|
2,833 |
|
Kellstrom Commercial Aerospace, Inc. - Revolver |
|
7/1/2025 |
|
|
|
3,196 |
|
Mach Acquisition R/C - Revolver |
|
10/18/2026 |
|
|
|
2,511 |
|
Margaux Acquisition Inc. - Revolver |
|
12/19/2025 |
|
|
|
735 |
|
107
Portfolio Company & Investment |
|
Expiration Date(1) |
|
|
Unfunded Commitments(2) |
|
|
Margaux UK Finance Limited - Revolver |
|
12/19/2024 |
|
|
|
98 |
|
Meriplex Communications, Ltd. - Delayed Draw |
|
7/17/2028 |
|
|
|
7,030 |
|
Meriplex Communications, Ltd. - Revolver |
|
7/17/2028 |
|
|
|
2,824 |
|
Morrow Sodali - Delayed Draw |
|
4/25/2028 |
|
|
|
269 |
|
Morrow Sodali - Revolver |
|
4/25/2028 |
|
|
|
1,365 |
|
MRHT - Delayed Draw |
|
2/1/2029 |
|
|
|
5,529 |
|
MRI Software LLC - Revolver |
|
2/10/2026 |
|
|
|
1,782 |
|
MZR Buyer, LLC - Revolver |
|
12/21/2026 |
|
|
|
3,473 |
|
NearMap - Revolver |
|
12/9/2029 |
|
|
|
4,652 |
|
New Look (Delaware) Corporation - Delayed Draw |
|
5/26/2028 |
|
|
|
1,938 |
|
New Look Vision Group - Revolver |
|
5/26/2026 |
|
|
|
213 |
|
OGH Bidco Limited - Delayed Draw |
|
6/29/2029 |
|
|
|
6,257 |
|
Omni Intermediate - Revolver |
|
11/30/2026 |
|
|
|
732 |
|
Parcel2Go - Delayed Draw |
|
7/15/2028 |
|
|
|
35 |
|
Premier Imaging, LLC - Delayed Draw |
|
1/2/2025 |
|
|
|
4,816 |
|
Pyramid Global Hospitality - Revolver |
|
1/19/2027 |
|
|
|
3,482 |
|
Reconomy - Delayed Draw |
|
6/24/2029 |
|
|
|
8,357 |
|
Refine Intermediate, Inc. - Revolver |
|
9/3/2026 |
|
|
|
5,340 |
|
Revalize, Inc. - Revolver |
|
4/15/2027 |
|
|
|
1,340 |
|
RoadOne - Delayed Draw |
|
12/29/2028 |
|
|
|
3,931 |
|
RoadOne - Revolver |
|
12/29/2028 |
|
|
|
4,119 |
|
RoC Opco LLC - Revolver |
|
2/25/2025 |
|
|
|
10,241 |
|
Saturn Purchaser Corp. - Revolver |
|
7/22/2029 |
|
|
|
4,883 |
|
Service Master - Revolver |
|
8/16/2027 |
|
|
|
9,628 |
|
Simplicity - Delayed Draw |
|
12/2/2026 |
|
|
|
5,470 |
|
Simplicity - Revolver |
|
12/2/2026 |
|
|
|
1,454 |
|
Smartronix - Revolver |
|
11/23/2027 |
|
|
|
6,321 |
|
Solaray, LLC - Delayed Draw |
|
9/9/2023 |
|
|
|
37 |
|
Solaray, LLC - Revolver |
|
9/9/2023 |
|
|
|
5,383 |
|
Spring Finco BV - Delayed Draw |
|
7/15/2029 |
|
|
|
4,060 |
|
Sunmed Group Holdings, LLC - Revolver |
|
6/16/2027 |
|
|
|
1,229 |
|
Superna Inc. - Delayed Draw |
|
3/6/2028 |
|
|
|
2,631 |
|
Superna Inc. - Revolver |
|
3/6/2028 |
|
|
|
2,631 |
|
SureWerx - Delayed Draw |
|
12/28/2029 |
|
|
|
2,013 |
|
SureWerx - Revolver |
|
12/29/2028 |
|
|
|
885 |
|
Swoogo LLC - Revolver |
|
12/9/2026 |
|
|
|
1,243 |
|
Taoglas - Delayed Draw |
|
2/28/2029 |
|
|
|
3,636 |
|
Taoglas - Revolver |
|
2/28/2029 |
|
|
|
881 |
|
TEI Holdings Inc. - Revolver |
|
12/23/2025 |
|
|
|
4,226 |
|
Titan Cloud Software, Inc - Delayed Draw |
|
9/7/2029 |
|
|
|
10,572 |
|
Titan Cloud Software, Inc - Revolver |
|
9/7/2028 |
|
|
|
5,714 |
|
TLC Purchaser, Inc. - Revolver |
|
10/13/2025 |
|
|
|
4,113 |
|
V Global Holdings LLC - Revolver |
|
12/22/2025 |
|
|
|
7,293 |
|
Ventiv Holdco, Inc. - Revolver |
|
9/3/2025 |
|
|
|
1,686 |
|
Walker Edison - Delayed Draw |
|
3/31/2027 |
|
|
|
635 |
|
WCI Gigawatt Purchaser - Revolver |
|
11/19/2027 |
|
|
|
1,931 |
|
Whitcraft-Paradigm - Revolver |
|
2/28/2029 |
|
|
|
2,194 |
|
World Insurance - Revolver |
|
4/1/2026 |
|
|
|
931 |
|
WSP - Revolver |
|
4/27/2027 |
|
|
|
449 |
|
WU Holdco, Inc. - Revolver |
|
3/26/2025 |
|
|
|
2,367 |
|
YLG Holdings, Inc. - Revolver |
|
10/31/2025 |
|
|
|
7,947 |
|
Total |
|
|
|
$ |
|
276,008 |
|
108
As of December 31, 2022, the Company had $303.7 million of unfunded commitments under loan and financing agreements as follows:
Portfolio Company & Investment |
|
Expiration Date (1) |
|
Unfunded Commitments (2) |
|
||
9 Story Media Group Inc. - Revolver |
|
4/30/2026 |
|
$ |
|
497 |
|
A&R Logistics, Inc. - Revolver |
|
5/5/2025 |
|
|
|
5,735 |
|
Abracon Group Holding, LLC. - Delayed Draw |
|
7/6/2028 |
|
|
|
5,046 |
|
Abracon Group Holding, LLC. - Revolver |
|
7/6/2028 |
|
|
|
2,018 |
|
Access - First Lien Senior Secured Loan |
|
6/4/2029 |
|
|
|
2,642 |
|
Allworth Financial Group, L.P. - Delayed Draw |
|
12/23/2026 |
|
|
|
7 |
|
Allworth Financial Group, L.P. - Revolver |
|
12/23/2026 |
|
|
|
2,440 |
|
Amspec Services, Inc. - Revolver |
|
7/2/2024 |
|
|
|
4,463 |
|
Ansira Holdings New DD T/L(2) - First Lien Senior Secured Loan |
|
12/20/2024 |
|
|
|
1,508 |
|
Ansira Holdings, Inc. - Revolver |
|
12/20/2024 |
|
|
|
1,700 |
|
Apollo Intelligence - Delayed Draw |
|
6/1/2028 |
|
|
|
9,611 |
|
Apollo Intelligence - Revolver |
|
6/1/2028 |
|
|
|
7,208 |
|
Applitools - Revolver |
|
5/25/2028 |
|
|
|
3,430 |
|
Appriss Holdings, Inc. - Revolver |
|
5/6/2027 |
|
|
|
753 |
|
Aramsco, Inc. - Revolver |
|
8/28/2024 |
|
|
|
2,709 |
|
ASP-r-pac Acquisition Co LLC - Revolver |
|
12/29/2027 |
|
|
|
3,253 |
|
Avalon Acquiror, Inc. - Revolver |
|
3/10/2028 |
|
|
|
7,353 |
|
Batteries Plus Holding Corporation - Revolver |
|
6/30/2023 |
|
|
|
3,334 |
|
Caribou Bidco Limited - First Lien Senior Secured Loan |
|
1/29/2029 |
|
|
|
21 |
|
CB Nike IntermediateCo Ltd - Revolver |
|
10/31/2025 |
|
|
|
44 |
|
Cloud Technology Solutions (CTS) - Revolver |
|
7/3/2029 |
|
|
|
1,705 |
|
Concert Golf Partners Holdco LLC - Delayed Draw |
|
4/2/2029 |
|
|
|
2,340 |
|
Concert Golf Partners Holdco LLC - Revolver |
|
3/31/2028 |
|
|
|
2,492 |
|
CPS Group Holdings, Inc. - Revolver |
|
3/3/2025 |
|
|
|
4,933 |
|
Darcy Partners R/C - First Lien Senior Secured Loan |
|
6/1/2028 |
|
|
|
349 |
|
DC Blox Inc. - First Lien Senior Secured Loan |
|
3/22/2026 |
|
|
|
1,915 |
|
Direct Travel, Inc. - Delayed Draw |
|
10/2/2025 |
|
|
|
2,625 |
|
Efficient Collaborative Retail Marketing Company, LLC - Revolver |
|
6/30/2024 |
|
|
|
2,267 |
|
Element Buyer, Inc. - Revolver |
|
7/19/2024 |
|
|
|
4,250 |
|
Eleven Software - Revolver |
|
9/25/2026 |
|
|
|
1,339 |
|
Grammer Purchaser, Inc. - Revolver |
|
9/30/2024 |
|
|
|
234 |
|
Great Expressions Dental Center PC - Revolver |
|
9/28/2023 |
|
|
|
127 |
|
Gulf Winds International - Revolver |
|
12/16/2028 |
|
|
|
5,292 |
|
Intoxalock - Revolver |
|
11/1/2028 |
|
|
|
3,087 |
|
JHCC Holdings, LLC - Delayed Draw |
|
9/9/2025 |
|
|
|
31 |
|
JHCC Holdings, LLC - Revolver |
|
9/9/2025 |
|
|
|
1,088 |
|
Kellstrom Commercial Aerospace, Inc. - Revolver |
|
7/1/2025 |
|
|
|
3,092 |
|
Mach Acquisition R/C - Revolver |
|
10/18/2026 |
|
|
|
6,026 |
|
109
Portfolio Company & Investment |
|
Expiration Date (1) |
|
Unfunded Commitments (2) |
|
||
Margaux Acquisition Inc. - Revolver |
|
12/19/2025 |
|
|
|
1,915 |
|
Margaux UK Finance Limited - Revolver |
|
12/19/2024 |
|
|
|
603 |
|
masLabor - Revolver |
|
7/1/2027 |
|
|
|
345 |
|
Meriplex Communications, Ltd. - Delayed Draw |
|
7/17/2028 |
|
|
|
8,931 |
|
Meriplex Communications, Ltd. - Revolver |
|
7/17/2028 |
|
|
|
2,542 |
|
Morrow Sodali - Delayed Draw |
|
4/25/2028 |
|
|
|
1,345 |
|
Morrow Sodali - Revolver |
|
4/25/2028 |
|
|
|
1,312 |
|
MRH Trowe Beteiligungsgesellschaft MBH - First Lien Senior Secured Loan |
|
7/26/2028 |
|
|
|
7,888 |
|
MRI Software LLC - Revolver |
|
2/10/2026 |
|
|
|
1,782 |
|
MZR Buyer, LLC - Revolver |
|
12/21/2026 |
|
|
|
5,210 |
|
NearMap - Revolver |
|
12/9/2029 |
|
|
|
4,652 |
|
New Look (Delaware) Corporation - Delayed Draw |
|
5/26/2028 |
|
|
|
1,938 |
|
New Look Vision Group - Delayed Draw |
|
5/26/2028 |
|
|
|
62 |
|
New Look Vision Group - Revolver |
|
5/26/2026 |
|
|
|
571 |
|
OGH Bidco Limited - Delayed Draw |
|
6/29/2029 |
|
|
|
7,440 |
|
Omni Intermediate - Delayed Draw |
|
11/23/2026 |
|
|
|
504 |
|
Omni Intermediate R/C - First Lien Senior Secured Loan |
|
11/30/2026 |
|
|
|
732 |
|
Paisley Bidco Limited - Revolver |
|
11/26/2028 |
|
|
|
1,460 |
|
Parcel2Go - First Lien Senior Secured Loan |
|
7/15/2028 |
|
|
|
33 |
|
Premier Imaging, LLC - Delayed Draw |
|
1/2/2025 |
|
|
|
4,816 |
|
Reconomy - First Lien Senior Secured Loan |
|
6/24/2029 |
|
|
|
7,949 |
|
Reconomy - First Lien Senior Secured Loan |
|
6/24/2029 |
|
|
|
7,949 |
|
Refine Intermediate, Inc. - Revolver |
|
9/3/2026 |
|
|
|
5,340 |
|
Revalize, Inc. - Revolver |
|
4/15/2027 |
|
|
|
1,340 |
|
RoadOne - Delayed Draw |
|
12/29/2028 |
|
|
|
5,666 |
|
RoadOne - Revolver |
|
12/29/2028 |
|
|
|
3,388 |
|
RoC Opco LLC - Revolver |
|
2/25/2025 |
|
|
|
7,510 |
|
Saltoun - Delayed Draw |
|
4/11/2028 |
|
|
|
14,358 |
|
Saturn Purchaser Corp. - Revolver |
|
7/22/2029 |
|
|
|
4,883 |
|
Service Master - Revolver |
|
8/16/2027 |
|
|
|
7,470 |
|
Smartronix - Revolver |
|
11/23/2027 |
|
|
|
6,321 |
|
Solaray, LLC - Revolver |
|
9/9/2023 |
|
|
|
6,800 |
|
Spring Finco DD T/L - First Lien Senior Secured Loan |
|
7/15/2029 |
|
|
|
1,259 |
|
SunMed Group Holdings, LLC - Revolver |
|
6/16/2027 |
|
|
|
639 |
|
Superna Inc. - Delayed Draw |
|
3/6/2028 |
|
|
|
2,631 |
|
Superna Inc. - Revolver |
|
3/6/2028 |
|
|
|
2,631 |
|
SureWerx - Delayed Draw |
|
12/28/2029 |
|
|
|
2,013 |
|
SureWerx - Revolver |
|
12/28/2028 |
|
|
|
939 |
|
Swoogo LLC - Revolver |
|
12/9/2026 |
|
|
|
1,243 |
|
TEI Holdings Inc. - Revolver |
|
12/23/2025 |
|
|
|
4,221 |
|
Titan Cloud Software, Inc - Delayed Draw |
|
9/7/2029 |
|
|
|
11,429 |
|
Titan Cloud Software, Inc - Revolver |
|
9/7/2028 |
|
|
|
5,714 |
|
TGI Sport Bidco Pty Ltd - Delayed Draw |
|
4/30/2026 |
|
|
|
1,315 |
|
TLC Purchaser, Inc. - Revolver |
|
10/13/2025 |
|
|
|
1,828 |
|
V Global Holdings LLC - Revolver |
|
12/22/2025 |
|
|
|
9,690 |
|
Ventiv Holdco, Inc. - Revolver |
|
9/3/2025 |
|
|
|
1,704 |
|
WCI Gigawatt Purchaser - Revolver |
|
11/19/2027 |
|
|
|
2,253 |
|
Whitcraft LLC - Revolver |
|
4/3/2023 |
|
|
|
362 |
|
World Insurance - Revolver |
|
4/1/2026 |
|
|
|
326 |
|
WSP Initial Term Loan - Delayed Draw |
|
4/27/2027 |
|
|
|
1,797 |
|
WSP Revolving Loan - Revolver |
|
4/27/2027 |
|
|
|
402 |
|
WU Holdco, Inc. - Revolver |
|
3/26/2025 |
|
|
|
2,705 |
|
YLG Holdings, Inc. - Revolver |
|
10/31/2025 |
|
|
|
8,545 |
|
Total |
|
|
|
$ |
|
303,665 |
|
Contingencies
In the normal course of business, the Company may enter into certain contracts that provide a variety of indemnities. The Company’s maximum exposure under these indemnities is unknown as it would involve future claims that may be made against the Company. Currently, the Company is not aware of any such claims and no such claims are expected to occur. As such, the Company does not consider it necessary to record a liability in this regard.
110
Note 11. Financial Highlights
The following is a schedule of financial highlights for the six months ended June 30, 2023 and 2022:
|
For the Six Months Ended June 30, |
|
|
||||||||
|
2023 |
|
|
|
2022 |
|
|
||||
Per share data: |
|
|
|
|
|
|
|
|
|
||
Net asset value at beginning of period |
$ |
|
17.29 |
|
|
|
$ |
|
17.04 |
|
|
Net investment income (1) |
|
|
1.10 |
|
|
|
|
|
0.75 |
|
|
Net realized gain (loss) (1)(7) |
|
|
(0.27 |
) |
|
|
|
|
0.08 |
|
|
Net change in unrealized appreciation (1)(2)(8) |
|
|
0.08 |
|
|
|
|
|
(0.04 |
) |
|
Net increase in net assets resulting from operations (1)(9)(10) |
|
|
0.91 |
|
|
|
|
|
0.79 |
|
|
Shareholder distributions from income (3) |
|
|
(0.76 |
) |
|
|
|
|
(0.68 |
) |
|
Net asset value at end of period |
$ |
|
17.44 |
|
|
|
$ |
|
17.15 |
|
|
Net assets at end of period |
$ |
|
1,125,779 |
|
|
|
$ |
|
1,107,014 |
|
|
Shares outstanding at end of period |
|
|
64,562,265.27 |
|
|
|
|
|
64,562,265.27 |
|
|
Per share market value at end of period |
$ |
|
13.51 |
|
|
|
$ |
|
13.61 |
|
|
Total return based on market value (12) |
|
|
20.44 |
|
% |
|
|
|
(6.28 |
) |
% |
Total return based on net asset value (4) |
|
|
5.29 |
|
% |
|
|
|
4.65 |
|
% |
Ratios: |
|
|
|
|
|
|
|
|
|
||
Ratio of net investment income to average net assets (5)(11)(13) |
|
|
14.34 |
|
% |
|
|
|
9.51 |
|
% |
Ratio of total expenses to average net assets (5)(11)(13) |
|
|
12.78 |
|
% |
|
|
|
8.43 |
|
% |
Supplemental data: |
|
|
|
|
|
|
|
|
|
||
Ratio of interest and debt financing expenses to average net assets (5)(13) |
|
|
7.21 |
|
% |
|
|
|
3.95 |
|
% |
Ratio of expenses (without incentive fees) to average net assets (5)(11)(13) |
|
|
11.43 |
|
% |
|
|
|
7.76 |
|
% |
Ratio of incentive fees and management fees, net of contractual and voluntary waivers, to average net assets (5)(11)(13) |
|
|
4.60 |
|
% |
|
|
|
3.73 |
|
% |
Average principal debt outstanding |
$ |
|
1,476,709 |
|
|
|
$ |
|
1,267,665 |
|
|
Portfolio turnover (6) |
|
|
21.10 |
|
% |
|
|
|
18.66 |
|
% |
111
Note 12. Subsequent Events
The Company’s management has evaluated the events and transactions that have occurred through August 8, 2023, the issuance date of the consolidated financial statements, and noted no items requiring disclosure in this Form 10-Q or adjustment of the consolidated financial statements.
112
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. The discussion and analysis contained in this section refers to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. Please see “Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under “Forward-Looking Statements” appearing elsewhere in this report.
Overview
Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”) is an externally managed specialty finance company focused on lending to middle market companies. We have elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). We are managed by BCSF Advisors, LP (our “Advisor” or “BCSF Advisors”), a subsidiary of Bain Capital Credit, LP (“Bain Capital Credit”). Our Advisor is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Our Advisor also provides the administrative services necessary for us to operate (in such capacity, our “Administrator” or “BCSF Advisors”). Since we commenced operations on October 13, 2016 through June 30, 2023, we have invested approximately $6,794.3 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. We seek to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last-out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds.
On November 19, 2018, we closed our initial public offering (the “IPO”) issuing 7,500,000 shares of our common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018.
Our primary focus is capitalizing on opportunities within our Senior Direct Lending strategy, which seeks to provide risk-adjusted returns and current income to our stockholders by investing primarily in middle-market companies with between $10.0 million and $150.0 million in annual earnings before interest, taxes, depreciation and amortization (“EBITDA”). However, we may, from time to time, invest in larger or smaller companies. We generally seek to retain effective voting control in respect of the loans or particular classes of securities in which we invest through maintaining affirmative voting positions or negotiating consent rights that allow us to retain a blocking position. We focus on senior investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender. We may also invest in mezzanine debt and other junior securities, including common and preferred equity, on an opportunistic basis, and in secondary purchases of assets or portfolios but such investments are not the principal focus of our investment strategy. In addition, we may invest, from time to time, in distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities.
We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we generate income from various loan origination and other fees, dividends on direct equity investments and capital gains on the sales of investments. The companies in which we invest use our capital for a variety of reasons, including to support organic growth, to fund changes of control, to fund acquisitions, to make capital investments and for refinancing and recapitalizations.
Investments
Our level of investment activity may vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the level of investment and capital expenditures of such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.
As a BDC, we may not acquire any assets other than “qualifying assets” specified in the 1940 Act, unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Pursuant to rules adopted by the SEC, “eligible portfolio companies” include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.
113
As a BDC, we may also invest up to 30% of our portfolio opportunistically in “non-qualifying” portfolio investments, such as investments in non-U.S. companies.
Revenues
We primarily generate revenue in the form of interest income on debt investments and distributions on equity investments and, to a lesser extent, capital gains, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts into or against income over the life of the loan. We record contractual prepayment premiums on loans and debt securities as interest income.
Our debt investment portfolio consists of primarily floating rate loans. As of June 30, 2023 and December 31, 2022, 94.1% and 94.5%, respectively, of our debt investments, based on fair value, bore interest at floating rates, which may be subject to interest rate floors. Variable-rate investments subject to a floor generally reset periodically to the applicable floor, only if the floor exceeds the index. Trends in base interest rates, such as SOFR, may affect our net investment income over the long term. In addition, our results may vary from period to period depending on the interest rates of new investments made during the period compared to investments that were sold or repaid during the period; these results reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macroeconomic trends.
Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.
Expenses
Our primary operating expenses include the payment of fees to our Advisor under the Amended Advisory Agreement, our allocable portion of overhead expenses under the administration agreement (the “Administration Agreement”) and other operating costs, including those described below. The Base Management Fee and Incentive Fee compensate our Advisor for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:
114
To the extent that expenses to be borne by us are paid by BCSF Advisors, we will generally reimburse BCSF Advisors for such expenses. To the extent the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to the Administrator. We will also reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain rent and compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment and fees paid to third-party providers for goods or services. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to our business and affairs, and will be subject to oversight by our Board of Directors (our “Board”). We incurred expenses related to the Administrator of $0.2 million and $0.0 million for the three months ended June 30, 2023 and 2022, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. We incurred expenses related to the Administrator of $0.4 million and $0.0 million for the six months ended June 30, 2023 and 2022, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. We incurred expenses related to the sub-administrator of $0.2 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. We incurred expenses related to the sub-administrator of $0.3 million and $0.3 million for the six months ended June 30, 2023 and 2022, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. BCSF Advisors will not be reimbursed to the extent that such reimbursements would cause any distributions to our stockholders to constitute a return of capital. All of the foregoing expenses are ultimately borne by our stockholders.
115
Leverage
We may borrow money from time to time. However, our ability to incur indebtedness (including by issuing preferred stock), is limited by applicable regulations such that our asset coverage, as defined in the 1940 Act, must equal at least 150%. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. As of June 30, 2023, the Company’s asset coverage was 175.1%.
Investment Decision Process
The Advisor’s investment process can be broken into four processes: (1) Sourcing and Idea Generation, (2) Investment Diligence & Recommendation, (3) Credit Committee Approval and Portfolio Construction and (4) Portfolio & Risk Management.
Sourcing and Idea Generation
The investment decision-making process begins with sourcing ideas. Bain Capital Credit’s Private Credit Group interacts with a broad and deep set of global contacts, enabling the group to generate middle market investment opportunities. Our Advisor also seeks to leverage the contacts of Bain Capital Credit’s industry groups, Trading Desk, and Special Situations team, including private equity firms, banks and a variety of advisors and other intermediaries.
Investment Diligence & Recommendation
Our Advisor utilizes Bain Capital Credit’s bottom-up approach to investing, and it starts with the due diligence performed by its Private Credit Group. The group works with the close support of Bain Capital Credit’s industry groups. This diligence process typically begins with a detailed review of an offering memorandum as well as Bain Capital Credit’s own independent diligence efforts, including in-house materials and expertise, third-party independent research and interviews, and hands-on field checks where appropriate. For deals that progress beyond an initial stage, the team will usually schedule one or more meetings with company management, facilities visits and also meetings with the sponsor in order to ask more detailed questions and to better understand the sponsor’s view of the business and plans for it going forward. The team’s diligence work is summarized in investment memoranda and accompanying credit packs. Work product also includes full models and covenant analysis.
Credit Committee Approval and Portfolio Construction
If the reviewing team deems an investment worthy of serious consideration, it generally must be presented to the credit committee, which is comprised of at least three experienced credit professionals, who are selected based on strategy and geography. A portfolio manager leads the decision making process for each investment and engages the credit committee throughout the investment process in order to prioritize and direct the underwriting of each potential investment opportunity. For middle market holdings, the path to exit an investment is often discussed at credit committee meetings, including restructurings, acquisitions and sale to strategic buyers. Since most middle market investments are illiquid, exits are driven by a sale of the portfolio company or a refinancing of the portfolio company’s debt.
Portfolio & Risk Management
Our Advisor utilizes Bain Capital Credit’s Private Credit Group for the daily monitoring of its respective credits after an investment has been made. Our Advisor believes that the ongoing monitoring of financial performance and market developments of portfolio investments is critical to successful investment management. Accordingly, our Advisor is actively involved in an on-going portfolio review process and attends board meetings. To the extent a portfolio investment is not meeting our Advisor’s expectations, our Advisor takes corrective action when it deems appropriate, which may include raising interest rates, gaining a more influential role on its board, taking warrants and, where appropriate, restructuring the balance sheet to take control of the company. Our Advisor will utilize the Bain Capital Credit Risk and Oversight Committee. The Risk and Oversight Committee is responsible for monitoring and reviewing risk management, including portfolio risk, counterparty risk and firm-wide risk issues. In addition to the methods noted above, there are a number of proprietary methods and tools used through all levels of Bain Capital Credit to manage portfolio risk.
Environmental, Social and Governance
Our Advisor believes that environmental, social, and governance ("ESG") management helps to create lasting impact for all of its stakeholder groups, including investors, portfolio companies, employees and communities. ESG risks can have a negative impact on
116
an issuer’s ability to meet its financial obligations. Therefore, strong ESG management aligns with our Advisor’s goal to seek and generate attractive risk-adjusted returns with the capital it invests. Our Advisor considers ESG factors throughout its investment decision-making process. These factors include, but are not limited to, applying a negative screen to avoid investing in companies with outsized ESG risks; examining the impact a company has on society and the environment during the diligence process; seeking to consider ESG factors from a company-specific and sector-wide perspective; and engaging companies via corporate actions and board seats, where applicable.
Portfolio and Investment Activity
During the three months ended June 30, 2023, we invested $204.4 million, including PIK, in 60 portfolio companies, and had $227.9 million in aggregate amount of principal repayments and sales, resulting in a net decrease in investments of $23.5 million for the period. Of the $204.4 million invested during the three months ended June 30, 2023, $35.4 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.
During the three months ended June 30, 2022, we invested $484.3 million, including PIK, in 59 portfolio companies, and had $332.4 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $151.9 million for the period. Of the $484.3 million invested during the three months ended June 30, 2022, $44.1 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.
During the six months ended June 30, 2023, we invested $516.6 million, including PIK, in 85 portfolio companies, and had $513.4 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $3.2 million for the period. Of the $516.6 million invested during the six months ended June 30, 2023, $112.9 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.
During the six months ended June 30, 2022, we invested $859.2 million, including PIK, in 79 portfolio companies, and had $853.4 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $5.8 million for the period. Of the $859.2 million invested during the six months ended June 30, 2022, $69.9 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.
117
The following table shows the composition of the investment portfolio and associated yield data as of June 30, 2023 (dollars in thousands):
|
|
As of June 30, 2023 |
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield (1) |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
at |
|
|
||||||||||
|
|
|
|
|
Percentage of |
|
|
|
|
|
|
|
Percentage of |
|
|
Amortized |
|
|
|
Market |
|
|
|||||||
|
|
Amortized Cost |
|
|
Total Portfolio |
|
|
|
Fair Value |
|
|
Total Portfolio |
|
|
Cost |
|
|
|
Value |
|
|
||||||||
First Lien Senior Secured Loans |
|
$ |
|
1,617,678 |
|
|
|
67.0 |
|
% |
|
$ |
|
1,532,422 |
|
|
|
64.2 |
|
% |
|
12.0 |
|
% |
|
|
12.2 |
|
% |
Second Lien Senior Secured Loans |
|
|
|
89,234 |
|
|
|
3.7 |
|
|
|
|
|
85,797 |
|
|
|
3.6 |
|
|
|
14.5 |
|
|
|
|
15.1 |
|
|
Subordinated Debt |
|
|
|
44,528 |
|
|
|
1.8 |
|
|
|
|
|
44,446 |
|
|
|
1.9 |
|
|
|
11.5 |
|
|
|
|
11.6 |
|
|
Structured Products |
|
|
|
24,050 |
|
|
|
1.0 |
|
|
|
|
|
23,159 |
|
|
|
1.0 |
|
|
|
27.1 |
|
|
|
|
28.2 |
|
|
Preferred Equity |
|
|
|
62,497 |
|
|
|
2.6 |
|
|
|
|
|
99,650 |
|
|
|
4.2 |
|
|
|
10.0 |
|
|
|
|
8.2 |
|
|
Equity Interests |
|
|
|
209,217 |
|
|
|
8.7 |
|
|
|
|
|
229,737 |
|
|
|
9.6 |
|
|
|
13.4 |
|
|
|
|
13.5 |
|
|
Warrants |
|
|
|
480 |
|
|
|
0.0 |
|
|
|
|
|
457 |
|
|
|
0.0 |
|
|
N/A |
|
|
|
N/A |
|
|
||
Subordinated Notes in Investment Vehicles (2) |
|
|
|
302,974 |
|
|
|
12.5 |
|
|
|
|
|
302,974 |
|
|
|
12.7 |
|
|
|
12.2 |
|
|
|
|
12.2 |
|
|
Preferred Equity Interests in Investment Vehicles (2) |
|
|
|
10 |
|
|
|
0.0 |
|
|
|
|
|
(1,080 |
) |
|
|
0.0 |
|
|
N/A |
|
|
|
N/A |
|
|
||
Equity Interests in Investment Vehicles (2) |
|
|
|
64,959 |
|
|
|
2.7 |
|
|
|
|
|
67,710 |
|
|
|
2.8 |
|
|
|
27.2 |
|
|
|
|
26.1 |
|
|
Total |
|
$ |
|
2,415,627 |
|
|
|
100.0 |
|
% |
|
$ |
|
2,385,272 |
|
|
|
100.0 |
|
% |
|
12.8 |
|
% |
|
|
13.0 |
|
% |
118
The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2022 (dollars in thousands):
|
|
As of December 31, 2022 |
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield (1) |
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
at |
|
|
||||||||||
|
|
|
|
|
|
Percentage of |
|
|
|
|
|
|
|
Percentage of |
|
|
Amortized |
|
|
|
Market |
|
|
||||||
|
|
Amortized Cost |
|
|
Total Portfolio |
|
|
|
Fair Value |
|
|
Total Portfolio |
|
|
Cost |
|
|
|
Value |
|
|
||||||||
First Lien Senior Secured Loans |
|
$ |
|
1,703,591 |
|
|
|
70.4 |
|
% |
|
$ |
|
1,630,877 |
|
|
|
68.3 |
|
% |
|
10.9 |
|
% |
|
|
11.2 |
|
% |
Second Lien Senior Secured Loans |
|
|
|
98,120 |
|
|
|
4.1 |
|
|
|
|
|
93,950 |
|
|
|
3.9 |
|
|
|
13.7 |
|
|
|
|
14.3 |
|
|
Subordinated Debt |
|
|
|
43,752 |
|
|
|
1.8 |
|
|
|
|
|
43,922 |
|
|
|
1.8 |
|
|
|
11.6 |
|
|
|
|
11.6 |
|
|
Structured Products |
|
|
|
24,050 |
|
|
|
1.0 |
|
|
|
|
|
22,763 |
|
|
|
1.0 |
|
|
|
19.8 |
|
|
|
|
20.9 |
|
|
Preferred Equity |
|
|
|
57,106 |
|
|
|
2.4 |
|
|
|
|
|
80,945 |
|
|
|
3.4 |
|
|
|
10.0 |
|
|
|
|
8.6 |
|
|
Equity Interests |
|
|
|
189,896 |
|
|
|
7.8 |
|
|
|
|
|
210,689 |
|
|
|
8.8 |
|
|
|
10.6 |
|
|
|
|
10.7 |
|
|
Warrants |
|
|
|
480 |
|
|
|
0.0 |
|
|
|
|
|
524 |
|
|
|
0.0 |
|
|
N/A |
|
|
|
N/A |
|
|
||
Subordinated Notes in Investment Vehicles (2) |
|
|
|
237,974 |
|
|
|
9.8 |
|
|
|
|
|
237,974 |
|
|
|
10.0 |
|
|
|
11.4 |
|
|
|
|
11.4 |
|
|
Preferred Equity Interests in Investment Vehicles (2) |
|
|
|
10 |
|
|
|
0.0 |
|
|
|
|
|
(644 |
) |
|
|
0.0 |
|
|
N/A |
|
|
|
N/A |
|
|
||
Equity Interests in Investment Vehicles (2) |
|
|
|
64,959 |
|
|
|
2.7 |
|
|
|
|
|
65,977 |
|
|
|
2.8 |
|
|
|
17.9 |
|
|
|
|
17.6 |
|
|
Total |
|
$ |
|
2,419,938 |
|
|
|
100.0 |
|
% |
|
$ |
|
2,386,977 |
|
|
|
100.0 |
|
% |
|
11.4 |
|
% |
|
|
11.6 |
|
% |
The following table presents certain selected information regarding our investment portfolio as of June 30, 2023:
|
|
As of |
|
|
|
|
|
June 30, 2023 |
|
|
|
Number of portfolio companies |
|
|
142 |
|
|
Percentage of debt bearing a floating rate (1) |
|
|
94.1 |
|
% |
Percentage of debt bearing a fixed rate (1) |
|
|
5.9 |
|
% |
The following table presents certain selected information regarding our investment portfolio as of December 31, 2022:
|
|
As of |
|
|
|
|
|
December 31, 2022 |
|
|
|
Number of portfolio companies |
|
|
132 |
|
|
Percentage of debt bearing a floating rate (1) |
|
|
94.5 |
|
% |
Percentage of debt bearing a fixed rate (1) |
|
|
5.5 |
|
% |
119
The following table shows the amortized cost and fair value of our performing and non-accrual investments as of June 30, 2023 (dollars in thousands):
|
|
As of June 30, 2023 |
|
|
|||||||||||||
|
|
|
Amortized Cost |
|
Percentage at Amortized Cost |
|
|
|
Fair Value |
|
Percentage at Fair Value |
|
|
||||
Performing |
|
$ |
|
2,364,922 |
|
|
97.9 |
|
% |
$ |
|
2,385,221 |
|
|
100.0 |
|
% |
Non-accrual |
|
|
|
50,705 |
|
|
2.1 |
|
|
|
|
51 |
|
|
- |
|
|
Total |
|
$ |
|
2,415,627 |
|
|
100.0 |
|
% |
$ |
|
2,385,272 |
|
|
100.0 |
|
% |
The following table shows the amortized cost and fair value of our performing and non-accrual investments as of December 31, 2022 (dollars in thousands):
|
|
As of December 31, 2022 |
|
|
|||||||||||||
|
|
|
|
|
Percentage at |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
Amortized |
|
|
|
|
|
Percentage at |
|
|
||||
|
|
Amortized Cost |
|
Cost |
|
|
Fair Value |
|
Fair Value |
|
|
||||||
Performing |
|
$ |
|
2,348,395 |
|
|
97.0 |
|
% |
$ |
|
2,348,571 |
|
|
98.4 |
|
% |
Non-accrual |
|
|
|
71,543 |
|
|
3.0 |
|
|
|
|
38,406 |
|
|
1.6 |
|
|
Total |
|
$ |
|
2,419,938 |
|
|
100.0 |
|
% |
$ |
|
2,386,977 |
|
|
100.0 |
|
% |
Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. As of June 30, 2023, there were four loans from two issuers placed on non-accrual in the Company’s portfolio. As of December 31, 2022, there were five loans from three issuers placed on non-accrual in the Company’s portfolio.
The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of June 30, 2023 (dollars in thousands):
|
|
As of June 30, 2023 |
|
|
|||||||||||||
|
|
|
Amortized Cost |
|
Percentage of Total |
|
|
|
Fair Value |
|
Percentage of Total |
|
|
||||
First Lien Senior Secured Loan |
|
$ |
|
1,617,678 |
|
|
63.7 |
|
% |
$ |
|
1,532,422 |
|
|
61.0 |
|
% |
Second Lien Senior Secured Loan |
|
|
|
89,234 |
|
|
3.5 |
|
|
|
|
85,797 |
|
|
3.3 |
|
|
Subordinated Debt |
|
|
|
44,528 |
|
|
1.7 |
|
|
|
|
44,446 |
|
|
1.8 |
|
|
Structured Products |
|
|
|
24,050 |
|
|
0.9 |
|
|
|
|
23,159 |
|
|
0.9 |
|
|
Preferred Equity |
|
|
|
62,497 |
|
|
2.5 |
|
|
|
|
99,650 |
|
|
4.0 |
|
|
Equity Interest |
|
|
|
209,217 |
|
|
8.2 |
|
|
|
|
229,737 |
|
|
9.1 |
|
|
Warrants |
|
|
|
480 |
|
|
0.0 |
|
|
|
|
457 |
|
|
0.0 |
|
|
Subordinated Notes in Investment Vehicles (1) |
|
|
|
302,974 |
|
|
11.9 |
|
|
|
|
302,974 |
|
|
12.1 |
|
|
Preferred Equity Interest Investment Vehicles (1) |
|
|
|
10 |
|
|
0.0 |
|
|
|
|
(1,080 |
) |
|
0.0 |
|
|
Equity Interest in Investment Vehicles (1) |
|
|
|
64,959 |
|
|
2.6 |
|
|
|
|
67,710 |
|
|
2.7 |
|
|
Cash and cash equivalents |
|
|
|
87,727 |
|
|
3.4 |
|
|
|
|
87,727 |
|
|
3.5 |
|
|
Foreign Cash |
|
|
|
5,203 |
|
|
0.2 |
|
|
|
|
4,612 |
|
|
0.2 |
|
|
Restricted cash and cash equivalents |
|
|
|
36,243 |
|
|
1.4 |
|
|
|
|
36,243 |
|
|
1.4 |
|
|
Total |
|
$ |
|
2,544,800 |
|
|
100.0 |
|
% |
$ |
|
2,513,854 |
|
|
100.0 |
|
% |
120
The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of December 31, 2022 (dollars in thousands):
|
|
As of December 31, 2022 |
|
|
||||||||||||||||
|
|
Amortized Cost |
|
|
Percentage of Total |
|
|
|
Fair Value |
|
|
Percentage of Total |
|
|
||||||
First Lien Senior Secured Loans |
|
$ |
|
1,703,591 |
|
|
|
66.9 |
|
% |
|
$ |
|
1,630,877 |
|
|
|
65.0 |
|
% |
Second Lien Senior Secured Loans |
|
|
|
98,120 |
|
|
|
3.9 |
|
|
|
|
|
93,950 |
|
|
|
3.7 |
|
|
Subordinated Debt |
|
|
|
43,752 |
|
|
|
1.7 |
|
|
|
|
|
43,922 |
|
|
|
1.7 |
|
|
Structured Products |
|
|
|
24,050 |
|
|
|
0.9 |
|
|
|
|
|
22,763 |
|
|
|
0.9 |
|
|
Preferred Equity |
|
|
|
57,106 |
|
|
|
2.2 |
|
|
|
|
|
80,945 |
|
|
|
3.2 |
|
|
Equity Interests |
|
|
|
189,896 |
|
|
|
7.4 |
|
|
|
|
|
210,689 |
|
|
|
8.4 |
|
|
Warrants |
|
|
|
480 |
|
|
|
0.0 |
|
|
|
|
|
524 |
|
|
|
0.0 |
|
|
Subordinated Notes in Investment Vehicles (1) |
|
|
|
237,974 |
|
|
|
9.3 |
|
|
|
|
|
237,974 |
|
|
|
9.5 |
|
|
Preferred Equity Interests in Investment Vehicles (1) |
|
|
|
10 |
|
|
|
0.0 |
|
|
|
|
|
(644 |
) |
|
|
0.0 |
|
|
Equity Interests in Investment Vehicles (1) |
|
|
|
64,959 |
|
|
|
2.5 |
|
|
|
|
|
65,977 |
|
|
|
2.6 |
|
|
Cash and cash equivalents |
|
|
|
30,205 |
|
|
|
1.2 |
|
|
|
|
|
30,205 |
|
|
|
1.2 |
|
|
Foreign cash |
|
|
|
34,528 |
|
|
|
1.4 |
|
|
|
|
|
29,575 |
|
|
|
1.2 |
|
|
Restricted cash and cash equivalents |
|
|
|
65,950 |
|
|
|
2.6 |
|
|
|
|
|
65,950 |
|
|
|
2.6 |
|
|
Total |
|
$ |
|
2,550,621 |
|
|
|
100.0 |
|
% |
|
$ |
|
2,512,707 |
|
|
|
100.0 |
|
% |
Our Advisor monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action for each company. The Advisor has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:
Our Advisor rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3 or 4, our Advisor enhances its level of scrutiny over the monitoring of such portfolio company. Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.
121
The following table shows the composition of our portfolio on the 1 to 4 rating scale as of June 30, 2023 (dollars in thousands):
|
|
As of June 30, 2023 |
|
|
|||||||||||||
Investment Performance Rating |
|
|
Fair Value |
|
Percentage of Total |
|
|
|
Number of Companies (1) |
|
Percentage of Total |
|
|
||||
1 |
|
$ |
|
2,423 |
|
|
0.1 |
|
% |
|
|
2 |
|
|
1.4 |
|
% |
2 |
|
|
|
2,180,766 |
|
|
91.4 |
|
|
|
|
126 |
|
|
88.7 |
|
|
3 |
|
|
|
202,032 |
|
|
8.5 |
|
|
|
|
12 |
|
|
8.5 |
|
|
4 |
|
|
|
51 |
|
|
- |
|
|
|
|
2 |
|
|
1.4 |
|
|
Total |
|
$ |
|
2,385,272 |
|
|
100.0 |
|
% |
|
|
142 |
|
|
100.0 |
|
% |
The following table shows the composition of our portfolio on the 1 to 4 rating scale as of December 31, 2022 (dollars in thousands):
|
|
As of December 31, 2022 |
|
|
|||||||||||||
|
|
|
|
Percentage of |
|
|
|
Number of |
|
Percentage of |
|
|
|||||
Investment Performance Rating |
|
Fair Value |
|
Total |
|
|
|
Companies(1) |
|
Total |
|
|
|||||
1 |
|
$ |
|
2,499 |
|
|
0.1 |
|
% |
|
|
3 |
|
|
2.3 |
|
% |
2 |
|
|
|
2,163,990 |
|
|
90.7 |
|
|
|
|
117 |
|
|
88.6 |
|
|
3 |
|
|
|
182,082 |
|
|
7.6 |
|
|
|
|
9 |
|
|
6.8 |
|
|
4 |
|
|
|
38,406 |
|
|
1.6 |
|
|
|
|
3 |
|
|
2.3 |
|
|
Total |
|
$ |
|
2,386,977 |
|
|
100.0 |
|
% |
|
|
132 |
|
|
100.0 |
|
% |
Results of Operations
Our operating results for the three months ended June 30, 2023 and 2022 were as follows (dollars in thousands):
|
|
For the Three Months Ended |
|
|||||||
|
|
June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Total investment income |
|
$ |
|
75,715 |
|
|
$ |
|
52,364 |
|
Total expenses, net of fee waivers |
|
|
|
35,706 |
|
|
|
|
25,649 |
|
Net investment income before taxes |
|
|
|
40,009 |
|
|
|
|
26,715 |
|
Less: Income taxes, including excise tax |
|
|
|
1,097 |
|
|
|
|
— |
|
Net investment income |
|
|
|
38,912 |
|
|
|
|
26,715 |
|
Net realized gain (loss) |
|
|
|
(550 |
) |
|
|
|
2,608 |
|
Net change in unrealized appreciation |
|
|
|
(9,191 |
) |
|
|
|
(12,094 |
) |
Net increase in net assets resulting from operations |
|
$ |
|
29,171 |
|
|
$ |
|
17,229 |
|
122
Our operating results for the six months ended June 30, 2023 and 2022 were as follows (dollars in thousands):
|
|
For the Six Months Ended |
|
|||||||
|
|
June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Total investment income |
|
$ |
|
150,452 |
|
|
$ |
|
98,375 |
|
Total expenses, net of fee waivers |
|
|
|
77,690 |
|
|
|
|
49,957 |
|
Net investment income before taxes |
|
|
|
72,762 |
|
|
|
|
48,418 |
|
Less: Income taxes, including excise tax |
|
|
|
1,692 |
|
|
|
|
— |
|
Net investment income |
|
|
|
71,070 |
|
|
|
|
48,418 |
|
Net realized gain (loss) |
|
|
|
(17,799 |
) |
|
|
|
4,780 |
|
Net change in unrealized appreciation |
|
|
|
5,185 |
|
|
|
|
(2,288 |
) |
Net increase in net assets resulting from operations |
|
$ |
|
58,456 |
|
|
$ |
|
50,910 |
|
Net increase in net assets resulting from operations can vary from period to period as a result of various factors, including additional financing, new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. Due to these factors, comparisons may not be meaningful.
Investment Income
The composition of our investment income for the three months ended June 30, 2023 and 2022 was as follows (dollars in thousands):
|
|
For the Three Months Ended |
|
|||||||
|
|
June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Interest income |
|
$ |
|
58,188 |
|
|
$ |
|
35,884 |
|
Dividend income |
|
|
|
8,728 |
|
|
|
|
6,370 |
|
PIK income |
|
|
|
6,877 |
|
|
|
|
2,420 |
|
Other income |
|
|
|
1,922 |
|
|
|
|
7,690 |
|
Total investment income |
|
$ |
|
75,715 |
|
|
$ |
|
52,364 |
|
Interest income from investments, which includes interest and accretion of discounts and fees, increased to $58.2 million for the three months ended June 30, 2023 from $35.9 million for the three months ended June 30, 2022, primarily due to the increase in portfolio size and rising interest rates. Our investment portfolio at amortized cost increased to $2,415.6 million as of June 30, 2023 compared to $2,319.7 million as of June 30, 2022. Dividend income increased to $8.7 million for the three months ended June 30, 2023 from $6.4 million for the three months ended June 30, 2022, primarily due to an increase in dividend income from our equity interests in ISLP, SLP, and 2018-1 Issuer. Other income decreased to approximately $1.9 million for the three months ended June 30, 2023 from $7.7 million for the three months ended June 30, 2022, primarily due to a decrease in commitment and syndication fees earned on certain investments. As of June 30, 2023, the weighted average yield of our investment portfolio increased to 12.8% from 8.4% as of June 30, 2022, at amortized cost.
The composition of our investment income for the six months ended June 30, 2023 and 2022 was as follows (dollars in thousands):
|
|
For the Six Months Ended |
|
|||||||
|
|
June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Interest income |
|
$ |
|
115,050 |
|
|
$ |
|
73,917 |
|
Dividend income |
|
|
|
17,121 |
|
|
|
|
9,971 |
|
PIK income |
|
|
|
11,111 |
|
|
|
|
6,332 |
|
Other income |
|
|
|
7,170 |
|
|
|
|
8,155 |
|
Total investment income |
|
$ |
|
150,452 |
|
|
$ |
|
98,375 |
|
Interest income from investments, which includes interest and accretion of discounts and fees, increased to $115.1 million for the six months ended June 30, 2023 from $73.9 million for the six months ended June 30, 2022, primarily due to the increase in portfolio size and rising interest rates. Our investment portfolio at amortized cost increased to $2,415.6 million as of June 30, 2023 compared to $2,319.7 million as of June 30, 2022. Dividend income increased to $17.1 million for the six months ended June 30, 2023 from $10.0 million for the six months ended June 30, 2022, primarily due to an increase in dividend income from our equity interests in ISLP, SLP,
123
and 2018-1 Issuer. Other income decreased to approximately $7.2 million for the six months ended June 30, 2023 from $8.2 million for the six months ended June 30, 2022, primarily due to a decrease in commitment and syndication fees earned on certain investments.
Operating Expenses
The composition of our operating expenses for the three months ended June 30, 2023 and 2022 were as follows (dollars in thousands):
|
|
For the Three Months Ended |
|
|||||||
|
|
June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Interest and debt financing expenses |
|
$ |
|
20,459 |
|
|
$ |
|
11,027 |
|
Base management fee |
|
|
|
9,116 |
|
|
|
|
8,451 |
|
Incentive fee |
|
|
|
4,008 |
|
|
|
|
4,069 |
|
Professional fees |
|
|
|
451 |
|
|
|
|
446 |
|
Directors fees |
|
|
|
179 |
|
|
|
|
179 |
|
Other general and administrative expenses |
|
|
|
1,493 |
|
|
|
|
1,477 |
|
Total expenses, net of fee waivers |
|
$ |
|
35,706 |
|
|
$ |
|
25,649 |
|
The composition of our operating expenses for the six months ended June 30, 2023 and 2022 were as follows (dollars in thousands):
|
|
For the Six Months Ended |
|
|||||||
|
|
June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Interest and debt financing expenses |
|
$ |
|
40,009 |
|
|
$ |
|
21,670 |
|
Base management fee |
|
|
|
18,026 |
|
|
|
|
16,820 |
|
Incentive fee |
|
|
|
15,118 |
|
|
|
|
7,380 |
|
Professional fees |
|
|
|
1,032 |
|
|
|
|
836 |
|
Directors fees |
|
|
|
353 |
|
|
|
|
354 |
|
Other general and administrative expenses |
|
|
|
3,152 |
|
|
|
|
2,897 |
|
Total expenses, net of fee waivers |
|
$ |
|
77,690 |
|
|
$ |
|
49,957 |
|
Interest and Debt Financing Expenses
Interest and debt financing expenses on our borrowings totaled approximately $20.5 million and $11.0 million for the three months ended June 30, 2023 and 2022, respectively. Interest and debt financing expense for the three months ended June 30, 2023 as compared to June 30, 2022 increased primarily due to a rise in base rates of the variable rate debt and the increased usage of our Sumitomo Credit Facility. Interest and debt financing expenses on our borrowings totaled approximately $40.0 million and $21.7 million for the six months ended June 30, 2023 and 2022, respectively. Interest and debt financing expense for the six months ended June 30, 2023 as compared to June 30, 2022 increased primarily due to a increase in total principal debt outstanding, and a rise in base rates of the variable rate debt. The weighted average principal debt balance outstanding for the three months ended June 30, 2023 was $1,471.8 million compared to $1,220.9 million for the three months ended June 30, 2022. The weighted average principal debt balance outstanding for the six months ended June 30, 2023 was $1,477.2 million compared to $1,267.7 million for the six months ended June 30, 2022.
The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the six months ended June 30, 2023 and year ended December 31, 2022 were 5.1% and 3.5%, respectively.
124
Management Fee
Management fee (net of waivers) increased to $9.1 million for the three months ended June 30, 2023 from $8.5 million for the three months ended June 30, 2022. Management fee (gross of waivers) increased to $9.1 million for the three months ended June 30, 2023 from $8.5 million for the three months ended June 30, 2022, primarily due to an increase in total assets throughout the three months ended June 30, 2023 compared to the three months ended June 30, 2022. Management fee waived for the three months ended June 30, 2023 and 2022, were $0.0 million and $0.0 million, respectively.
Management fees (net of waivers) increased to $18.0 million for the six months ended June 30, 2023 from $16.8 million for the six months ended June 30, 2022. Management fees (gross of waivers) increased to $18.0 million for the six months ended June 30, 2023 compared to $16.8 million for the six months ended June 30, 2022. Management fees waived for the six months ended June 30, 2023 and 2022 were $0.0 million and $0.0 million, respectively.
Incentive Fee
Incentive fee (net of waivers) decreased to $4.0 million for the three months ended June 30, 2023 from $4.1 million for the three months ended June 30, 2022. Incentive fee waivers related to pre-incentive fee net investment income consisted of voluntary waivers of $0.0 million for the three months ended June 30, 2023 and $0.0 million for the three months ended June 30, 2022. For the three months ended June 30, 2023 there were no incentive fees related to the GAAP Incentive Fee. Incentive fee (net of waivers) increased to $15.1 million for the six months ended June 30, 2023 from $7.4 million for the six months ended June 30, 2022. Incentive fee waivers related to pre-incentive fee net investment income consisted of voluntary waivers of $0.0 million for the six months ended June 30, 2023 and $0.0 million for the six months ended June 30, 2022. For the six months ended June 30, 2023 there were no incentive fees related to the GAAP Incentive Fee.
Professional Fees and Other General and Administrative Expenses
Professional fees and other general and administrative expenses were $1.9 million for the three months ended June 30, 2023 compared to $1.9 million for the three months ended June 30, 2022.
Professional fees and other general and administrative expenses increased to $4.2 million for the six months ended June 30, 2023 from $3.7 million for the six months ended June 30, 2022, primarily due to an increase in costs associated with servicing our investment portfolio.
125
Net Realized and Unrealized Gains and Losses
The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, 2023 and 2022 (dollars in thousands):
|
|
For the Three Months Ended |
|
|||||||
|
|
June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Net realized gain on investments |
|
$ |
|
1,141 |
|
|
$ |
|
1,120 |
|
Net realized loss on investments |
|
|
|
(1,370 |
) |
|
|
|
(3,696 |
) |
Net realized gain on foreign currency transactions |
|
|
|
— |
|
|
|
|
3,166 |
|
Net realized loss on foreign currency transactions |
|
|
|
(321 |
) |
|
|
|
— |
|
Net realized gain on forward currency exchange contracts |
|
|
|
— |
|
|
|
|
2,018 |
|
Net realized gains (losses) |
|
$ |
|
(550 |
) |
|
$ |
|
2,608 |
|
|
|
|
|
|
|
|
|
|
||
Change in unrealized appreciation on investments |
|
$ |
|
23,545 |
|
|
$ |
|
22,376 |
|
Change in unrealized depreciation on investments |
|
|
|
(31,387 |
) |
|
|
|
(40,543 |
) |
Net change in unrealized appreciation on investments |
|
|
|
(7,842 |
) |
|
|
|
(18,167 |
) |
Unrealized appreciation on foreign currency translation |
|
|
|
127 |
|
|
|
|
(2,051 |
) |
Unrealized appreciation on forward currency exchange contracts |
|
|
|
(1,476 |
) |
|
|
|
8,124 |
|
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts |
|
|
|
(1,349 |
) |
|
|
|
6,073 |
|
Net change in unrealized appreciation |
|
$ |
|
(9,191 |
) |
|
$ |
|
(12,094 |
) |
For the three months ended June 30, 2023 and 2022, we had net realized losses on investments of ($0.2) million and ($2.6) million, respectively. For the three months ended June 30, 2023 and 2022, we had net realized gains (losses) on foreign currency transactions of ($0.3) million and $3.2 million, respectively. For the three months ended June 30, 2023 and 2022, we had net realized gains on forward currency contracts of $0.0 million and $2.0 million, respectively.
For the three months ended June 30, 2023, we had $23.5 million in unrealized appreciation on 58 portfolio company investments, which was offset by $31.4 million in unrealized depreciation on 83 portfolio company investments. Unrealized appreciation for the three months ended June 30, 2023 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the three months ended June 30, 2023 resulted from a decrease in fair value, primarily due to negative valuation adjustments and widening of credit spread.
For the three months ended June 30, 2022, we had $22.4 million in unrealized appreciation on 22 portfolio company investments, which was offset by $40.5 million in unrealized depreciation on 103 portfolio company investments. Unrealized depreciation for the three months ended June 30, 2022 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments. Unrealized appreciation was primarily due to positive valuation adjustments.
For the three months ended June 30, 2023 and 2022, we had unrealized appreciation on forward currency exchange contracts of ($1.5) million and $8.1 million, respectively. For the three months ended June 30, 2023, unrealized depreciation on forward currency exchange contracts was due to EUR, AUD, GBP, CAD and NOK forward contracts.
126
The following table summarizes our net realized and unrealized gains (losses) for the six months ended June 30, 2023 and 2022 (dollars in thousands):
|
|
For the Six Months Ended |
|
|||||||
|
|
June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Net realized gain on investments |
|
$ |
|
2,043 |
|
|
$ |
|
4,723 |
|
Net realized loss on investments |
|
|
|
(12,923 |
) |
|
|
|
(5,882 |
) |
Net realized gain on foreign currency transactions |
|
|
|
— |
|
|
|
|
3,166 |
|
Net realized loss on foreign currency transactions |
|
|
|
(4,534 |
) |
|
|
|
(488 |
) |
Net realized gain on forward currency exchange contracts |
|
|
|
119 |
|
|
|
|
3,301 |
|
Net realized loss on forward currency exchange contracts |
|
|
|
(2,504 |
) |
|
|
|
(40 |
) |
Net realized gains (losses) |
|
$ |
|
(17,799 |
) |
|
$ |
|
4,780 |
|
|
|
|
|
|
|
|
|
|
||
Change in unrealized appreciation on investments |
|
$ |
|
47,317 |
|
|
$ |
|
40,777 |
|
Change in unrealized depreciation on investments |
|
|
|
(44,711 |
) |
|
|
|
(51,135 |
) |
Net change in unrealized appreciation on investments |
|
|
|
2,606 |
|
|
|
|
(10,358 |
) |
Unrealized appreciation on foreign currency translation |
|
|
|
3,894 |
|
|
|
|
(1,705 |
) |
Unrealized appreciation on forward currency exchange contracts |
|
|
|
(1,315 |
) |
|
|
|
9,775 |
|
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts |
|
|
|
2,579 |
|
|
|
|
8,070 |
|
Net change in unrealized appreciation |
|
$ |
|
5,185 |
|
|
$ |
|
(2,288 |
) |
For the six months ended June 30, 2023 and 2022, we had net realized losses on investments of ($10.9) million and ($1.2) million, respectively. For the six months ended June 30, 2023 and 2022, we had net realized gains (losses) on foreign currency transactions of ($4.5) million and $2.7 million, respectively. For the six months ended June 30, 2023 and 2022, we had net realized gains (losses) on forward currency contracts of ($2.4) million and $3.3 million, respectively, primarily as a result of settling EUR and GBP forward contracts.
For the six months ended June 30, 2023, we had $47.3 million in unrealized appreciation on 77 portfolio company investments, which was offset by ($44.7) million in unrealized depreciation on 68 portfolio company investments. Unrealized appreciation for the six months ended June 30, 2023 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the six months ended June 30, 2023 resulted from a decrease in fair value, primarily due to negative valuation adjustments and widening of credit spread.
For the six months ended June 30, 2022, we had $40.8 million in unrealized appreciation on 31 portfolio company investments, which was offset by ($51.1) million in unrealized depreciation on 96 portfolio company investments. Unrealized depreciation for the six months ended June 30, 2022 resulted from an decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments. Unrealized appreciation was primarily due to positive valuation adjustments.
For the six months ended June 30, 2023 and 2022, we had unrealized appreciation on forward currency exchange contracts of ($1.3) million and $9.8 million, respectively. For the six months ended June 30, 2023, unrealized depreciation on forward currency exchange contracts was due to EUR, AUD, GBP, CAD and NOK forward contracts.
127
The following table summarizes the impact of foreign currency for the three months ended June 30, 2023 and 2022, (dollars in thousands):
|
|
For the Three Months Ended |
|
|||||||
|
|
June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Net change in unrealized appreciation on investments due to foreign currency |
|
$ |
|
2,252 |
|
|
$ |
|
(7,731 |
) |
Net realized gain (loss) on investments due to foreign currency |
|
|
|
554 |
|
|
|
|
(2,393 |
) |
Net change in unrealized appreciation on foreign currency translation |
|
|
|
127 |
|
|
|
|
(2,053 |
) |
Net realized gain (loss) on foreign currency transactions |
|
|
|
(321 |
) |
|
|
|
3,166 |
|
Net change in unrealized appreciation on forward currency exchange contracts |
|
|
|
(1,476 |
) |
|
|
|
8,124 |
|
Net realized gain on forward currency exchange contracts |
|
|
|
— |
|
|
|
|
2,018 |
|
Foreign currency impact to net increase in net assets resulting from operations |
|
$ |
|
1,136 |
|
|
$ |
|
1,131 |
|
Included in total net losses on the consolidated statements of operations is gains (losses) of $2.6 million and ($9.0) million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended June 30, 2023 and 2022, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of ($1.5) million and $10.1 million, respectively, included in the above table, the net impact of foreign currency on total net gains on the consolidated statements of operations is $1.1 million and $1.1 million for the three months ended June 30, 2023 and 2022, respectively.
The following table summarizes the impact of foreign currency for the six months ended June 30, 2023 and 2022, (dollars in thousands):
|
|
For the Six Months Ended |
|
|||||||
|
|
June 30, |
|
|||||||
|
|
2023 |
|
|
2022 |
|
||||
Net change in unrealized appreciation on investments due to foreign currency |
|
$ |
|
4,416 |
|
|
$ |
|
(10,607 |
) |
Net realized gain (loss) on investments due to foreign currency |
|
|
|
895 |
|
|
|
|
(2,546 |
) |
Net change in unrealized appreciation on foreign currency translation |
|
|
|
3,894 |
|
|
|
|
(1,707 |
) |
Net realized gain (loss) on foreign currency transactions |
|
|
|
(4,534 |
) |
|
|
|
2,678 |
|
Net change in unrealized appreciation on forward currency exchange contracts |
|
|
|
(1,315 |
) |
|
|
|
9,775 |
|
Net realized gain (loss) on forward currency exchange contracts |
|
|
|
(2,385 |
) |
|
|
|
3,261 |
|
Foreign currency impact to net increase in net assets resulting from operations |
|
$ |
|
971 |
|
|
$ |
|
854 |
|
Included in total net losses on the consolidated statements of operations is gains (losses) of $4.7 million and ($12.2) million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the six months ended June 30, 2023 and 2022, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of ($3.7) million and $13.0 million, respectively, included in the above table, the net impact of foreign currency on total net gains on the consolidated statements of operations is $1.0 million and $0.9 million for the six months ended June 30, 2023 and 2022, respectively.
Net Increase (Decrease) in Net Assets Resulting from Operations
For the three months ended June 30, 2023 and 2022, the net increase in net assets resulting from operations was $29.2 million million and $17.2 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended June 30, 2023 and 2022, our per share net increase in net assets resulting from operations was $0.45 and $0.27, respectively.
For the six months ended June 30, 2023 and 2022, the net increase in net assets resulting from operations was $58.5 million and $50.9 million, respectively. Based on the weighted average shares of common stock outstanding for the six months ended June 30, 2023 and 2022, our per share net increase in net assets resulting from operations was $0.91 and $0.79, respectively.
Financial Condition, Liquidity and Capital Resources
Our liquidity and capital resources are derived primarily from proceeds from equity issuances, advances from our credit facilities, 2019‑1 Debt, March 2026 Notes, October 2026 Notes, the Sumitomo Credit Facility and cash flows from operations. The
128
primary uses of our cash are for (1) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements; (2) the cost of operations (including payments to the Advisor under the Investment Advisory and Administration Agreements); (3) debt service, repayment, and other financing costs; and, (4) cash distributions to the holders of our common shares.
We intend to continue to generate cash primarily from cash flows from operations, future borrowings and future offerings of securities. We may from time to time raise additional equity or debt capital through registered offerings, enter into additional debt facilities, or increase the size of existing facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. We are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. As of June 30, 2023 and December 31, 2022, our asset coverage ratio was 175.1% and 180.0%, respectively.
At June 30, 2023 and December 31, 2022, we had $128.6 million and $125.7 million in cash, foreign cash, restricted cash and cash equivalents, respectively.
At June 30, 2023, we had approximately $104.3 million of availability on our Sumitomo Credit Facility, subject to existing terms and regulatory requirements. At December 31, 2022, we had approximately $222.0 million of availability on our Sumitomo Credit Facility and $50.0 million of availability on our Revolving Advisor Loan, subject to existing terms and regulatory requirements.
For the six months ended June 30, 2023, cash, foreign cash, restricted cash, and cash equivalents increased by $2.9 million. During the six months ended June 30, 2023, we used $51.7 million in cash for operating activities. The increase in cash used for operating activities was primarily related to the purchases of investments of $539.6 million, which was offset by proceeds from principal payments and sales of investments of $435.5 million and a net increase in assets resulting from operations of $58.5 million.
During the six months ended June 30, 2023, we provided $55.2 million for financing activities, primarily due to borrowings and repayments on our Sumitomo Credit Facility and paying our quarterly dividend to shareholders.
For the six months ended June 30, 2022, cash, foreign cash, restricted cash, and cash equivalents decreased by $133.5 million. During the six months ended June 30, 2022, we used $280.2 million in cash for operating activities. The decrease in cash used for operating activities was primarily related to the purchases of investments of $761.8 million, which was offset by proceeds from principal payments and sales of investments of $434.2 million and a net increase in assets resulting from operations of $50.9 million.
During the six months ended June 30, 2022, we provided $146.7 million for financing activities, primarily due to borrowings and repayments on our Sumitomo Credit Facility.
Equity
On November 19, 2018, we closed our initial public offering (the “IPO”) issuing 7,500,000 shares of its common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018. The offering generated net proceeds, after expenses, of $145.4 million. All outstanding capital commitments from the Company’s Private Offering were cancelled as of the completion of the IPO.
During the six months ended June 30, 2023, we did not issue shares of our common stock to investors who have opted into our dividend reinvestment plan. During the six months ended June 30, 2022, we did not issue shares of our common stock to investors who have opted into our dividend reinvestment plan.
On May 7, 2019, the Company’s Board of Directors authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Exchange Act of 1934. Any such repurchases will depend upon market conditions and there is no guarantee that the Company will repurchase any particular number of shares or any shares at all. As of June 30, 2023, there have been no repurchases of common stock.
On May 4, 2020, the Company’s Board of Directors approved a transferable subscription rights offering to our stockholders of record as of May 13, 2020. The rights entitled record stockholders to subscribe for up to an aggregate of 12,912,453 shares of our common stock. Record stockholders received one right for each share of common stock owned on the record date. The rights entitled the holders to purchase one new share of common stock for every four rights held, and record stockholders who fully exercised their
129
rights were entitled to subscribe, subject to certain limitations and allotment rules, for additional shares that remain unsubscribed as a result of any unexercised rights. The rights were transferable and listed on the New York Stock Exchange under the symbol “BCSF RT”. The rights offering expired June 5, 2020. Based on the terms of the offering and the market price of the stock during the applicable period, holders of rights participating in the offering were entitled to purchase one new share of common stock for every four rights held at a subscription price of $10.2163 per share. On June 16, 2020, the Company closed its transferrable rights offering and issued 12,912,453 shares. The offering generated net proceeds, before expenses, of $129.6 million, including the underwriting discount and commissions of $2.3 million.
Debt
The Company’s outstanding borrowings as of June 30, 2023 and December 31, 2022 were as follows:
|
|
As of June 30, 2023 |
|
|
As of December 31, 2022 |
|
||||||||||||||||||||||||
|
|
|
Total Aggregate |
|
|
|
Principal |
|
|
|
|
|
|
|
Total Aggregate |
|
|
|
Principal |
|
|
|
|
|
||||||
|
|
|
Principal Amount |
|
|
|
Amount |
|
|
|
Carrying |
|
|
|
Principal Amount |
|
|
|
Amount |
|
|
|
Carrying |
|
||||||
|
|
|
Committed |
|
|
|
Outstanding |
|
|
|
Value (1) |
|
|
|
Committed |
|
|
|
Outstanding |
|
|
|
Value (1) |
|
||||||
2019-1 Debt |
|
$ |
|
352,500 |
|
|
$ |
|
352,500 |
|
|
$ |
|
351,163 |
|
|
$ |
|
352,500 |
|
|
$ |
|
352,500 |
|
|
$ |
|
351,099 |
|
Revolving Advisor Loan |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
50,000 |
|
|
|
|
— |
|
|
|
|
— |
|
March 2026 Notes |
|
|
|
300,000 |
|
|
|
|
300,000 |
|
|
|
|
296,952 |
|
|
|
|
300,000 |
|
|
|
|
300,000 |
|
|
|
|
296,392 |
|
October 2026 Notes |
|
|
|
300,000 |
|
|
|
|
300,000 |
|
|
|
|
295,492 |
|
|
|
|
300,000 |
|
|
|
|
300,000 |
|
|
|
|
294,812 |
|
Sumitomo Credit Facility (2) |
|
|
|
665,000 |
|
|
|
|
546,000 |
|
|
|
|
546,000 |
|
|
|
|
665,000 |
|
|
|
|
443,000 |
|
|
|
|
443,000 |
|
Total Debt |
|
$ |
|
1,617,500 |
|
|
$ |
|
1,498,500 |
|
|
$ |
|
1,489,607 |
|
|
$ |
|
1,667,500 |
|
|
$ |
|
1,395,500 |
|
|
$ |
|
1,385,303 |
|
Distribution Policy
The Company’s distributions are recorded on the record date. The following tables summarizes distributions declared during the six months ended June 30, 2023 (dollars in thousands, except per share):
|
|
|
|
|
|
Amount |
|
|
Total |
|
||||
Date Declared |
|
Record Date |
|
Payment Date |
|
Per Share |
|
|
Distributions |
|
||||
February 28, 2023 |
|
March 31, 2023 |
|
April 28, 2023 |
|
$ |
|
0.38 |
|
|
$ |
|
24,534 |
|
May 9, 2023 |
|
June 30, 2023 |
|
July 31, 2023 |
|
$ |
|
0.38 |
|
|
$ |
|
24,534 |
|
Total distributions declared |
|
|
|
|
|
$ |
|
0.76 |
|
|
$ |
|
49,068 |
|
The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the six months ended June 30, 2022 (dollars in thousands, except per share data):
|
|
|
|
|
|
Amount Per |
|
|
Total |
|
||||
Date Declared |
|
Record Date |
|
Payment Date |
|
Share |
|
|
Distributions |
|
||||
February 23, 2022 |
|
March 31, 2022 |
|
April 29, 2022 |
|
$ |
|
0.34 |
|
|
$ |
|
21,951 |
|
May 5, 2022 |
|
June 30, 2022 |
|
July 29, 2022 |
|
$ |
|
0.34 |
|
|
$ |
|
21,951 |
|
Total distributions declared |
|
|
|
|
|
$ |
|
0.68 |
|
|
$ |
|
43,902 |
|
Distributions to common stockholders are recorded on the record date. To the extent that we have income available, we intend to distribute quarterly distributions to our stockholders. Our quarterly distributions, if any, will be determined by the Board. Any distributions to our stockholders will be declared out of assets legally available for distribution.
We have elected to be treated, and intend to operate in a manner so as to continuously qualify, as a regulated investment company (a “RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with our taxable year ended December 31, 2016. To qualify for and maintain RIC tax treatment, among other things, we must distribute dividends to our stockholders in respect of each taxable year of an amount generally at least equal to 90% of the sum of our net ordinary income and net
130
short-term capital gains in excess of our net long-term capital losses. In addition, we generally will be required to pay an excise tax equal to 4% on certain undistributed taxable income unless we distribute in a timely manner an amount at least equal to the sum of: (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for such calendar year; (2) 98.2% of our capital gains in excess of capital losses, adjusted for certain ordinary losses, generally for the one-year period ending on October 31 of such calendar year; and (3) the sum of any net ordinary income plus capital gains net income for preceding years that were not distributed during such years and on which we paid no federal income tax. The taxable income on which we pay excise tax is generally distributed to our stockholders in the next tax year. Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income for distribution in the following year, and pay any applicable excise tax. For the three months ended June 30, 2023 and 2022 we recorded an expense of $0.8 million and $0.0 million, respectively for U.S. federal excise tax. For the six months ended June 30, 2023 and 2022 we recorded an expense of $1.3 million and $0.0 million, respectively for U.S. federal excise tax.
We intend to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, we may decide in the future to retain all or a portion of our net capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to our stockholders.
We have adopted a dividend reinvestment plan that provides for the reinvestment of cash dividends and distributions. Prior to the IPO, stockholders who “opted in” to our dividend reinvestment plan had their cash dividends and distributions automatically reinvested in additional shares of our common stock, rather than receiving cash dividends and distributions. Subsequent to the IPO, stockholders who do not “opt out” of our dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of our common stock, rather than receiving cash dividends and distributions. Stockholders could elect to “opt in” or “opt out” of our dividend reinvestment plan in their subscription agreements, through the private offering. The elections of stockholders prior to the IPO shall remain effective after the IPO.
The U.S. federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon our investment company taxable income for the full fiscal year and distributions paid during the full year.
Commitments and Off-Balance Sheet Arrangements
We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized on the statements of assets and liabilities.
Significant Accounting Estimates and Critical Accounting Policies
Basis of Presentation
The Company’s unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company’s unaudited consolidated financial statements and related financial information have been prepared pursuant to the requirements for reporting on Form 10‑Q and Articles 1, 6, 10 and 12 of Regulation S-X. These consolidated financial statements reflect adjustments that in the opinion of the Company are necessary for the fair statement of the financial position and results of operations for the periods presented herein and are not necessarily indicative of the full fiscal year. We have determined we meet the definition of an investment company and follow the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC 946”). Our financial currency is U.S. dollars and these consolidated financial statements have been prepared in that currency.
Use of Estimates
The preparation of the consolidated financial statements in conformity with US GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.
131
Revenue Recognition
We record our investment transactions on a trade date basis. We record realized gains and losses based on the specific identification method. We record interest income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Discount and premium to par value on investments acquired are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount and market discount or premium are capitalized and amortized into or against interest income using the effective interest method or straight-line method, as applicable. We record any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts received upon prepayment of a loan or debt security as interest income.
Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for such distributions in the case of private portfolio companies, and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.
Certain investments may have contractual PIK interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. We record PIK as interest or dividend income, as applicable. If at any point we believe PIK may not be realized, we place the investment generating PIK on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income, as applicable.
Certain structuring fees and amendment fees are recorded as other income when earned. We record administrative agent fees received as other income when the services are rendered.
Valuation of Portfolio Investments
The Advisor shall value the investments owned by the Company, subject at all times to the oversight of the Board. The Advisor shall follow its own written valuation policies and procedures as approved by the Board when determining valuations. A short summary of the Advisor’s valuation policies is below.
Investments for which market quotations are readily available are typically valued at such market quotations. Pursuant to Rule 2a-5 under the 1940 Act, the Board designates the Advisor as Valuation Designee to perform fair value determinations for the Company for investments that do not have readily available market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at a price that reflects such security’s fair value.
With respect to unquoted portfolio investments, the Company will value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public, and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Company will use the pricing indicated by the external event to corroborate and/or assist us in our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.
With respect to investments for which market quotations are not readily available, in particular, illiquid/hard to value assets, the Advisor will typically undertake a multi-step valuation process, which includes among other things, the below:
132
In following this approach, the types of factors that are taken into account in the fair value pricing of investments include, as relevant, but are not limited to: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company’s ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. In cases where an independent valuation firm provides fair valuations for investments, the independent valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their conclusion.
Contractual Obligations
We have entered into the Amended Advisory Agreement with our Advisor (which supersedes the Prior Investment Advisory Agreement dated November 14, 2018 we had previously entered into). Our Advisor has agreed to serve as our investment adviser in accordance with the terms of the Amended Advisory Agreement. Under the Amended Advisory Agreement, we have agreed to pay an annual base management fee as well as an incentive fee based on our investment performance.
On November 28, 2018, our Board, including a majority of our Independent Directors, approved the Amended Advisory Agreement. On February 1, 2019 the Company’s stockholders approved the Amended Advisory Agreement. Pursuant to this Agreement, effective February 1, 2019, the base management fee of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will continue to apply to assets held at an asset coverage ratio of 200%, but a lower base management fee of 1.0% (0.25% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will apply to any amount of assets attributable to leverage decreasing the Company’s asset coverage ratio below 200%. The Amended Advisory Agreement incorporates (i) a three-year lookback provision and (ii) a cap on quarterly income incentive fee payments based on net realized or unrealized capital loss, if any, during the applicable three-year lookback period.
We have entered into an Administration Agreement with the Administrator pursuant to which the Administrator will furnish us with administrative services necessary to conduct our day-to-day operations. We reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment.
If any of our contractual obligations discussed above are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Amended Advisory Agreement and Administration Agreement.
The following table shows the contractual maturities of our debt obligations as of June 30, 2023 (dollars in thousands):
|
|
Payments Due by Period |
|
||||||||||||||||||||||
|
|
|
|
|
|
Less than |
|
|
|
|
|
|
|
|
|
|
More than |
|
|||||||
|
|
|
Total |
|
|
|
1 year |
|
|
|
1 — 3 years |
|
|
|
3 — 5 years |
|
|
5 years |
|
||||||
2019-1 Debt |
|
$ |
|
352,500 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
352,500 |
|
March 2026 Notes |
|
|
|
300,000 |
|
|
|
|
— |
|
|
|
|
300,000 |
|
|
|
|
— |
|
|
|
|
— |
|
October 2026 Notes |
|
|
|
300,000 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
300,000 |
|
|
|
|
— |
|
Sumitomo Credit Facility |
|
|
|
546,000 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
546,000 |
|
|
|
|
— |
|
Total Debt Obligations |
|
$ |
|
1,498,500 |
|
|
$ |
|
— |
|
|
$ |
|
300,000 |
|
|
$ |
|
846,000 |
|
|
$ |
|
352,500 |
|
133
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are subject to financial market risks, including changes in interest rates. We will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.
Assuming that the statement of financial condition as of June 30, 2023 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (dollars in thousands):
|
|
|
|
|
|
|
|
Net Increase |
|
|||
|
|
Increase |
|
|
Increase |
|
|
(Decrease) in Net |
|
|||
|
|
(Decrease) in |
|
|
(Decrease) in |
|
|
Investment |
|
|||
Change in Interest Rates |
|
Interest Income |
|
|
Interest Expense |
|
|
Income |
|
|||
Down 100 basis points |
|
$ |
(19,036 |
) |
|
$ |
(8,985 |
) |
|
$ |
(10,051 |
) |
Down 200 basis points |
|
|
(38,072 |
) |
|
|
(17,970 |
) |
|
|
(20,102 |
) |
Down 300 basis points |
|
|
(56,899 |
) |
|
|
(26,955 |
) |
|
|
(29,944 |
) |
Up 100 basis points |
|
|
19,036 |
|
|
|
8,985 |
|
|
|
10,051 |
|
Up 200 basis points |
|
|
38,072 |
|
|
|
17,970 |
|
|
|
20,102 |
|
Up 300 basis points |
|
|
57,107 |
|
|
|
26,955 |
|
|
|
30,152 |
|
From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of June 30, 2023 (the end of the period covered by this report), our management has carried out an evaluation, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a‑15 and 15d‑15(e) under the Exchange Act). Based on that evaluation our Chief Executive Officer and Chief Financial Officer have concluded that our current disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our Chief Executive Officer and Chief Financial Officer as appropriate to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
Changes in Internal Controls Over Financial Reporting
There have been no changes in our internal control over financial reporting, as defined in Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act, that occurred during our most recently completed fiscal quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
134
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors described below and discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which could materially affect our business, financial condition and/or operating results. The risks described below and in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us.
The financial markets recently have encountered volatility associated with concerns about the banking industry, especially small and regional banks who may have significant losses associated with investments that make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government has announced measures to assist these banks and protect depositors, some banks have already been impacted, including suffering bank failures, and others may be materially and adversely impacted. Our business is dependent on bank relationships and we are proactively monitoring the financial health of such bank relationships. Continued strain on the banking system may adversely impact our business, financial condition and results of operations.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Default Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended June 30, 2023, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
135
Item 6. Exhibits, Financial Statement Schedules
The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the three months ended June 30, 2023 (and are numbered in accordance with Item 601 of Regulation S-K under the Securities Act).
Exhibit |
|
Description of Document |
|
|
|
3.1 |
|
|
|
|
|
3.2 |
|
|
|
|
|
4.1 |
|
|
|
|
|
10.1 |
|
|
|
|
|
10.2 |
|
|
|
|
|
10.3 |
|
|
|
|
|
10.4 |
|
|
|
|
|
10.5 |
|
|
|
|
|
10.6 |
|
|
|
|
|
10.7 |
|
|
|
|
|
10.8 |
|
|
|
|
|
10.9 |
|
|
|
|
|
10.10 |
|
136
Exhibit |
|
Description of Document |
|
|
|
|
|
|
10.11 |
|
|
|
|
|
10.12 |
|
|
|
|
|
10.13 |
|
|
|
|
|
10.14 |
|
|
|
|
|
10.15 |
|
|
|
|
|
10.16 |
|
|
|
|
|
10.17 |
|
|
|
|
|
10.18 |
|
|
|
|
|
10.19 |
|
|
|
|
|
10.20 |
|
|
|
|
|
10.21 |
|
137
Exhibit |
|
Description of Document |
|
|
|
|
|
|
10.22 |
|
|
|
|
|
10.23 |
|
|
|
|
|
10.24 |
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|
|
10.25 |
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|
|
10.26 |
|
|
|
|
|
10.27 |
|
|
|
|
|
10.28 |
|
|
|
|
|
10.29 |
|
|
|
|
|
10.30 |
|
|
|
|
|
10.31 |
|
|
|
|
|
10.32 |
|
|
|
|
|
138
Exhibit |
|
Description of Document |
|
|
|
10.33* |
|
|
|
|
|
10.34* |
|
|
|
|
|
23.1 |
|
|
|
|
|
24.1* |
|
|
|
|
|
31.1* |
|
|
|
|
|
31.2* |
|
|
|
|
|
32* |
|
|
|
|
|
101.INS* |
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
|
|
|
101.SCH* |
|
Inline XBRL Taxonomy Extension Schema Document |
|
|
|
101.CAL* |
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
|
101.DEF* |
|
Inline XBRL Taxonomy Extension Defition Linkbase Document |
|
|
|
101.LAB* |
|
Inline XBRL Taxonomy Extension Label Linkbase Document |
|
|
|
101.PRE* |
|
Inline XBRL Taxonomy Presentation Label Linkbase Document |
|
|
|
104 |
|
Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
* Filed herewith.
139
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
|
Bain Capital Specialty Finance, Inc. |
|
|
|
|
Date: August 8, 2023 |
By: |
/s/ Michael A. Ewald |
|
Name: |
Michael A. Ewald |
|
Title: |
Chief Executive Officer |
|
|
|
Date: August 8, 2023 |
By: |
/s/ Sally F. Dornaus |
|
Name: |
Sally F. Dornaus |
|
Title: |
Chief Financial Officer |
140
Exhibit 10.33
Execution Version
FIRST SUPPLEMENTAL INDENTURE
dated as of June 15, 2023
among
BCC MIDDLE MARKET CLO 2018-1, LLC
as Issuer
and
WELLS FARGO BANK, NATIONAL ASSOCIATION
as Trustee
to
the Indenture, dated as of September 28, 2018, between the Issuer and the Trustee
THIS FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of June 15, 2023, between BCC Middle Market CLO 2018-1, LLC, a limited liability company formed under the laws of the State of Delaware (the “Issuer) and Wells Fargo Bank, National Association, a national banking association with trust powers organized under the laws of the United States, as trustee (in such capacity, the “Trustee”), hereby amends the Indenture, dated as of September 28, 2018 (the “Indenture”), between the Issuer and the Trustee. Capitalized terms used in this Supplemental Indenture that are not otherwise defined herein have the meanings assigned thereto in the Indenture.
W I T N E S S E T H
WHEREAS, if at any time while any Notes are Outstanding, (i) a material disruption to Libor occurs, (ii) a change in the methodology of calculating the Libor occurs, (iii) Libor ceases to exist or be reported, or (iv) greater than 50% of the par amount of (A) quarterly pay floating rate Collateral Obligations or (B) floating rate notes issued in the preceding three months in new issue CLO transactions rely on reference rates other than Libor, the Portfolio Manager may select, with notice to the Trustee, the Calculation Agent and the Collateral Administrator, an Alternative Rate to replace Libor;
WHEREAS, the Portfolio Manager expects a material disruption to Libor or a change in the methodology of calculating Libor to occur on or after June 30, 2023 and the Portfolio Manager expects the Alternative Rate to be the sum of Term SOFR and the applicable spread adjustment commencing as of the Interest Determination Date relating to the Interest Accrual Period commencing in July 2023;
WHEREAS, the Alternative Reference Rates Committee has recognized Term SOFR as a replacement reference rate for Libor and has recommended that the spread adjustment for three-month Term SOFR is 0.26161%;
WHEREAS, pursuant to Section 8.1(xxxi) of the Indenture, without the consent of the Holders of any Notes or any Hedge Counterparty, the Issuer, when authorized by Resolutions, and with the prior written consent of the Portfolio Manager and the Retention Holder, at any time and from time to time subject to the requirements provided in Section 8.1 of the Indenture, may make any necessary or advisable changes to this Indenture in connection with the adoption of an Alternative Rate duly adopted in accordance with the definition of “LIBOR”;
WHEREAS, the Issuer has determined that the conditions set forth in Article VIII of the Indenture for entry into this Supplemental Indenture have been satisfied as of the date hereof;
WHEREAS, pursuant to Section 8.1 of the Indenture, the Trustee has delivered a copy of this Supplemental Indenture to the Portfolio Manager, the Collateral Administrator, each Hedge Counterparty, and the holders of the Notes and each Rating Agency not later than ten Business Days prior to the execution hereof; and
WHEREAS, the parties hereto intend for the amendments set forth herein to take effect on June 30, 2023 or on such earlier date that the Portfolio Manager notifies the Trustee (which may be via email) (the “Amendment Effective Date”);
NOW, THEREFORE, based upon the above recitals, the mutual premises and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:
The provisions of this Supplemental Indenture shall be binding upon and inure to the benefit of the Issuer, the Trustee, the Portfolio Manager, the Collateral Administrator, the Holders and each of their respective successors and assigns.
The Trustee accepts the amendments to the Indenture as set forth in this Supplemental Indenture and agrees to perform the duties of the Trustee upon the terms and
-2-
conditions set forth herein and in the Indenture, subject to its protections, immunities and indemnitees set forth therein and herein. Without limiting the generality of the foregoing, the Trustee assumes no responsibility for the correctness of the recitals contained herein, which shall be taken as the statements of the Issuer and the Trustee shall not be responsible or accountable in any way whatsoever for or with respect to the validity, execution or sufficiency of this Supplemental Indenture and makes no representation with respect thereto.
The Issuer represents and warrants to the Trustee that this Supplemental Indenture has been duly and validly executed and delivered by the Issuer and constitutes its legal, valid and binding obligation, enforceable against the Issuer in accordance with its terms. If the Portfolio Manager provides written notice to the Trustee (which may be via email) that the Amendment Effective Date has occurred prior to June 30, 2023, the Trustee shall forward such notice to the Holders by posting it to its Website.
THIS SUPPLEMENTAL INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. This Supplemental Indenture (and each related document, modification and waiver in respect of this Supplemental Indenture) may be executed and delivered in counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file or any electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Issuer and reasonably available at no undue burden or expense to the Trustee), each of which shall be deemed an original, and all of which together constitute one and the same instrument. Delivery of an executed counterpart signature page of this Supplemental Indenture by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Supplemental Indenture and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person. The Trustee shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.
Notwithstanding any other provision of this Supplemental Indenture, Sections 2.8(i) and 5.4(d) of the Indenture are incorporated herein by reference thereto, mutatis mutandis.
-3-
By their signatures hereto, the Issuer hereby directs the Trustee to execute this Supplemental Indenture and acknowledge and agree that the Trustee shall be fully protected in relying upon the foregoing consent and direction and hereby release the Trustee and its respective officers, directors, agents, employees and shareholders, as applicable, from any liability for complying with such direction.
SECTION 10. Portfolio Manager Notice.
The Portfolio Manager, by its execution of this Supplemental Indenture, hereby notifies the Issuer, Collateral Administrator, the Calculation Agent, the Trustee and the Holders that expects a material disruption to Libor or a change in the methodology of calculating Libor to occur on June 30, 2023 (unless otherwise notified by the Portfolio Manager prior to such date) and that the Alternative Rate will be Term SOFR plus 0.26161%, and in doing so the Portfolio Manager hereby states that the notice required by the definition of “LIBOR” has been provided.
-4-
IN WITNESS WHEREOF, we have set our hands as of the day and year first written above.
Executed by:
|
BCC MIDDLE MARKET CLO 2018-1, LLC, as Issuer |
By: |
Bain Capital Specialty Finance, Inc., its Portfolio Manager |
By: |
BCSF Advisors, LP., its Advisor |
By: |
/s/ Sally Fassler Dornaus |
Name: Title: |
Sally Fassler Dornaus Partner/CFO-Bain Capital Credit, LP |
|
Wells Fargo Bank, National Association, as Trustee |
By: |
Computershare Trust Company, N.A., as its attorney-in-fact |
By: |
/s/ Thomas J Gateau |
Name: Title: |
Thomas J. Gateau Vice President |
EXECUTION VERSION
CONFORMED THROUGH FIRST SUPPLEMENTAL INDENTURE
CONSENTED TO BY:
BAIN CAPITAL SPECIALTY FINANCE, INC., as Portfolio Manager |
|
By: BCSF Advisors, LP., its Advisor |
|
By: /s/ Sally Fassler Dornaus |
|
Name: Sally Fassler Dornaus |
|
Title: Partner/CFO-Bain Capital Credit, LP |
|
EXECUTION VERSION
CONFORMED THROUGH FIRST SUPPLEMENTAL INDENTURE
CONSENTED TO BY:
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Administrator and Calculation Agent |
|
By: Computershare Trust Company, N.A., as its attorney-in-fact |
|
By: /s/ Thomas J. Gateau |
|
Name: Thomas J. Gateau |
|
Title: Vice President |
|
EXECUTION VERSION
CONFORMED THROUGH FIRST SUPPLEMENTAL INDENTURE
Exhibit A
[Attached]
EXECUTION VERSION
CONFORMED THROUGH FIRST SUPPLEMENTAL INDENTURE
BCC MIDDLE MARKET CLO 2018-1, LLC
Issuer
AND
WELLS FARGO BANK, NATIONAL ASSOCIATION
Trustee
INDENTURE
Dated as of September 28, 2018
Notes
Class Designation |
Class A-1A Notes |
Class A-1B Notes |
Class A-2 Notes |
Class B Notes |
Class C Notes |
Type |
Senior Secured Floating Rate |
Senior Secured Floating Rate |
Senior Secured Floating Rate |
Secured Deferrable Floating Rate |
Mezzanine Secured Deferrable Floating Rate |
|
|
|
|
|
|
Initial Principal Amount /Face Amount (U.S.$) |
U.S. $205,900,000 |
U.S. $45,000,000 |
U.S.$55,100,000 |
U.S.$29,300,000 |
U.S.$30,400,000 |
S&P |
“AAA (sf)” |
“AAA (sf)” |
“AA (sf)” |
“A (sf)” |
“BBB- (sf)” |
Fitch Initial Rating |
“AAAsf” |
“AAAsf” |
N/A |
N/A |
N/A |
Interest Rate* |
LIBORReference Rate** + 1.55% |
LIBORReference Rate** + ***1.80% |
LIBORReference Rate** + 2.15% |
LIBORReference Rate** + 3.00% |
LIBORReference Rate** + 4.00% |
Stated Maturity |
Distribution Date in October 2030 |
Distribution Date in October 2030 |
Distribution Date in October 2030 |
Distribution Date in October 2030 |
Distribution Date in October 2030 |
Minimum Denominations**** (U.S.$) (Integral Multiples) |
U.S.$250,000 |
U.S.$250,000 |
U.S.$250,000 |
U.S.$250,000 |
U.S.$250,000 |
Ranking of the Notes: |
|
|
|
|
|
Pari Passu Class(es) |
A-1B |
A-1A |
None |
None |
None |
Priority Class(es) |
None |
None |
A-1A, A-1B |
A-1A, A-1B, A-2 |
A-1A, A-1B, A-2, B |
Junior Class(es) |
A-2, B, C, Interests |
A-2, B, C, Interests |
B, C, Interests |
C, Interests |
Interests |
Deferred Interest Notes |
No |
No |
No |
Yes |
Yes |
Re-Pricing Eligible Notes |
No |
No |
No |
Yes |
Yes |
Form |
Book‑Entry (Physical for AIs) |
Book‑Entry (Physical for AIs) |
Book‑Entry (Physical for AIs) |
Book‑Entry (Physical for AIs) |
Book‑Entry (Physical for AIs) |
Non-U.S. Holders Permitted |
Yes |
Yes |
Yes |
Yes |
Yes |
________
* The spread over LIBORthe Reference Rate applicable to any Class of Re-Pricing Eligible Notes may be reduced in connection with a Re‑Pricing of such Class of Re-Pricing Eligible Notes, subject to the conditions set forth in Section 9.8.
** Reference Rate will be Term SOFR plus 0.26161%. Term SOFR is calculated as set forth in the definition thereof.
** LIBOR is calculated as set forth in Exhibit C hereto. LIBOR for the first Interest Accrual Period will be set on two different Notional Determination Dates and, therefore, two different rates may apply during that period.
*** The Class A-1B Notes shall accrue interest at an interest rate equal to (i) during the period from the Closing Date to but excluding the Distribution Date in October 2020, LIBOR + 1.50% and (ii) thereafter, LIBOR + 1.80%.
**** An exception to the minimum denominations may be granted by the Issuer in accordance with Article VIII hereof.
The Notes shall be issued in minimum denominations of U.S.$250,000 and integral multiples of U.S.$1.00 in excess thereof (the “Authorized Denominations”); provided that an exception to the minimum denominations may be granted by the Issuer solely to allow for compliance with applicable Risk Retention Regulations.
Section 2.4 Additional Notes. (a) At any time during the Reinvestment Period or, solely in the case of a Risk Retention Issuance, during and after the Reinvestment Period, subject to (x) the written approval of the Portfolio Manager, the Retention Holder and the Issuer and (y) solely in the case of an additional issuance of any Class A-1 Notes (other than any such additional issuance that is a Risk Retention Issuance or that is being made contemporaneously with a Refinancing or Partial Redemption by Refinancing of the Class A-1A Notes or the Class A-1B Notes, as applicable), a Majority of the Class A-1 Notes, the Issuer may, pursuant to a supplemental indenture in accordance with Section 8.1 hereof, issue and sell Additional Notes (including a Risk Retention Issuance) of (i) each Class and/or (ii) with notice to S&P, additional secured or unsecured notes of one or more new classes that are junior in right of payment to the Notes (such Additional Notes, “Junior Mezzanine Notes”) up to, in the case of an additional issuance of a Class of Notes (other than a Risk Retention Issuance), an aggregate maximum amount of Additional Notes equal to 100% of the original principal amount of each such Class of Notes; provided that (i) the Issuer shall comply with the requirements of Sections 2.6, 3.2, 7.9 and 8.1, (ii) solely with respect to an additional issuance of such Notes, the Issuer provides notice of such issuance to each
Rating Agency then rating a Class of Notes, (iii) solely with respect to an additional issuance of Notes (other than a Risk Retention Issuance), immediately after giving effect to such issuance and the application of the net proceeds thereof, each Overcollateralization Ratio Test is maintained or improved, (iv) the issuance of such Notes shall be proportional across all Classes of Notes that are rated by a Rating Agency (including additional Notes of any Class of Notes issued on the Closing Date); provided, that a larger proportion of Junior Mezzanine Notes may be issued, (v) the proceeds of any Additional Notes (net of fees and expenses incurred in connection with such issuance) shall be treated as Principal Proceeds, used to purchase additional Collateral Obligations or, solely with the proceeds of an issuance of additional Junior Mezzanine Notes, applied as otherwise permitted under this Indenture (including being designated as Interest Proceeds); provided that the Issuer has consented to treating as Principal Proceeds any proceeds of an additional issuance in excess of the Reinvestment Target Par Balance, (vi) for any issuance other than a Risk Retention Issuance, Tax Advice shall be delivered to the Trustee to the effect that (A) such additional issuance shall not result in the Issuer becoming subject to U.S. federal income taxation with respect to its net income or to any withholding tax liability under Section 1446 of the Code and (B) any additional Class A-1 Notes, Class A-2 Notes, Class B Notes or Class C Notes will be treated as debt for U.S. federal income tax purposes; provided, however, that the Tax Advice described in clause (vi)(B) will not be required with respect to any additional Notes that bear a different CUSIP number (or equivalent identifier) from the Notes of the same Class that are Outstanding at the time of the additional issuance, (vii) the Additional Notes will be issued in a manner that allows the Issuer to accurately provide the tax information that this Indenture requires the Issuer to provide to Holders and beneficial owners of Notes, (viii) the terms and conditions of the Additional Notes of each Class issued pursuant to this Section 2.4 shall be identical to those of the initial Notes of that Class (except that any interest due on the Additional Notes shall accrue from the issue date of such Additional Notes and the interest rate and price of such Additional Notes do not have to be identical to those of the initial Notes of that Class; provided, that the spread above LIBORthe Reference Rate on such notes may not exceed the spread above LIBORthe Reference Rate applicable to the initial Notes of that Class), (ix) in the case of any issuance of Junior Mezzanine Notes, either (A) Tax Advice is delivered to the Trustee to the effect that such Junior Mezzanine Notes will be treated as debt for U.S. federal income tax purposes, or (B) (1) unless otherwise specified in a signed investor representation letter in connection with the date such Junior Mezzanine Notes are issued, each purchaser or transferee of any such note or any beneficial interest therein shall be deemed to represent that it is not a Benefit Plan Investor or a Controlling Person, that for so long as it holds such notes, it will not be a Benefit Plan Investor or a Controlling Person and, if it is subject to Similar Law, its acquisition and holding of such notes will not cause the Issuer to be subject to any Similar Law, (2) any such Junior Mezzanine Notes sold to Persons that have represented (or deemed to have represented) that they are Benefit Plan Investors or Controlling Persons shall be issued in the form of Certificated Notes and (3) no transfer of an interest in any such Junior Mezzanine Note to a proposed transferee that has It acknowledges and agrees that the failure to provide the Issuer and the Trustee (and any of their agents) with the properly completed and signed tax certifications (generally, in the case of U.S. federal income tax, an IRS Form W-9 (or applicable successor form) in the case of a person that is a U.S. Tax Person or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a U.S. Tax Person) may result in withholding from payments in respect of the Note, including U.S. federal withholding or back-up withholding.
Section 7.12. No Other Business. From and after the Closing Date, the Issuer shall not engage in any business or activity other than issuing and selling the Notes and any Additional Notes pursuant to this Indenture and acquiring, owning, holding, selling, lending, exchanging, redeeming, pledging, contracting for the management of and otherwise dealing with Collateral Obligations and the other Assets in connection therewith, and entering into Hedge Agreements, the Collateral Administration Agreement, the Securities Account Control Agreement, the Portfolio Management Agreement and other agreements specifically contemplated by this Indenture, and such other activities which are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith or ancillary thereto. The Issuer may amend, or permit the amendment of, the provisions of the Issuer Limited Liability Company Agreement which related to its bankruptcy remote nature or separateness covenants only if such amendment would satisfy the Global Rating Agency Condition.
Section 7.13. Annual Rating Review. So long as any of the Notes of any Class remain Outstanding, on or before September 1 in each year, commencing in 2019, the Issuer shall obtain and pay for an annual review of the rating of each such Class of Notes from each Rating Agency, as applicable. The Issuer shall promptly notify the Trustee and the Portfolio Manager in writing (and the Trustee shall promptly provide the Holders with a copy of such notice upon request) if at any time the rating of any such Class of Notes has been, or is known shall be, changed or withdrawn.
Section 7.14. Reporting. At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of a Note, the Issuer shall promptly furnish or cause to be furnished “Rule 144A Information” to such Holder or beneficial owner, to a prospective purchaser of such Note designated by such Holder or beneficial owner, or to the Trustee for delivery upon an Issuer Order to such Holder or beneficial owner or a prospective purchaser designated by such Holder or beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial owner of such Note with Rule 144A under the Securities Act in connection with the resale of such Note by such Holder or beneficial owner of such Note, respectively. “Rule 144A Information” shall be such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto).
Section 7.15. Calculation Agent. (a) The Issuer hereby agrees that for so long as any Note remains Outstanding there shall at all times be an agent appointed (which does not control or is not controlled or under common control with the Issuer or its Affiliates or the Portfolio Manager or its Affiliates) to calculate LIBORthe Reference Rate in respect of each Interest Accrual Period (or, for the first Interest Accrual Period, each portion thereof) in accordance with the terms of Exhibit C hereto (the “Calculation Agent”). The Issuer hereby appoints the Collateral Administrator as Calculation Agent. The Calculation Agent may be removed by the Issuer or the Portfolio Manager, on behalf of the Issuer, at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer or the Portfolio Manager, on behalf of the Issuer, shall promptly appoint a replacement Calculation Agent which does not control or is not controlled by or under common control with the Issuer or its Affiliates or the Portfolio Manager or its Affiliates. The Calculation Agent may not resign its duties without a successor having been duly appointed.
(b) The Calculation Agent shall be required to agree (and the Collateral Administrator as Calculation Agent does hereby agree) that, as soon as possible after 11:00 a.m. London5:00 a.m. Chicago time on each Interest Determination Date but in no event later than 11:00 a.m. New York time on the London BankingU.S. Government Securities Business Day immediately following each Interest Determination Date, the Calculation Agent shall calculate the Interest Rate for each Class of Notes for the next Interest Accrual Period (or, with respect to each Interest Determination Date during the first Interest Accrual Period, the related portion of such period) and the Note Interest Amount for each Class of Notes (in each case, rounded to the nearest cent, with half a cent being rounded upward) for the next Interest Accrual Period (or, with respect to each Interest Determination Date during the first Interest Accrual Period, the related portion of such period), on the related Distribution Date. At such time the Calculation Agent shall communicate such rates and amounts to the Issuer, the Trustee, each Paying Agent, the Portfolio Manager, Euroclear and Clearstream. The Calculation Agent shall also specify to the Issuer the quotations upon which the foregoing rates and amounts are based, and in any event the Calculation Agent shall notify the Issuer before 5:00 p.m. (New York time) on every Interest Determination Date (or, in the case of the first Interest Accrual Period, on each Notional Determination Date) if it has not determined and is not in the process of determining any such Interest Rate or Note Interest Amount together with its reasons therefor. The Calculation Agent’s determination of the foregoing rates and amounts for any Interest Accrual Period shall (in the absence of manifest error) be final and binding upon all parties.
Section 7.16. Certain Tax Matters. Each Holder of the Notes (and any interest therein) will be deemed to have represented and agreed to treat the Notes as indebtedness for U.S. federal, state and local income and franchise tax purposes, except as otherwise required by law.
to the Bankruptcy Subordination Agreement will receive an interest in such new certificate or sub-class;
Not later than ten (10) Business Days (or five (5) Business Days if in connection with an additional issuance, Refinancing or Re-Pricing) prior to the execution of any proposed supplemental indenture pursuant to clauses (i) to (xxxiii) above, the Trustee, at the expense of the Issuer shall mail to the Holders of the Notes, the Portfolio Manager, the Collateral Administrator, any Hedge Counterparty and each Rating Agency (so long as any Notes are outstanding and are rated by such Rating Agency) a copy of such proposed supplemental indenture and shall request any required consent from the applicable Holders of Notes to be given within five (5) Business Days. Any consent given to a proposed supplemental indenture by the Holder of any Notes will be irrevocable and binding on all future Holders or beneficial owners of that Note, irrespective of the execution date of the supplemental indenture. If the Holders of less than the required percentage of the Aggregate Outstanding Amount of the relevant Notes consent to a proposed supplemental indenture within five (5) Business Days, on the first Business Day following such five (5) Business Day period, as applicable, the Trustee shall provide consents received to the Issuer and the Portfolio Manager so that they may determine which Holders of Notes have consented to the proposed supplemental indenture and which Holders of Notes (and, to the extent such information is available to the Trustee, which beneficial owners) have not consented to the proposed supplemental indenture.
Following delivery to the holders of the Notes of a copy of the proposed supplemental indenture by the Trustee, if any material changes are made to such supplemental indenture (excluding, for the avoidance of doubt, changes of a technical nature or to correct typographical errors or to adjust formatting), as determined by the Issuer or the Portfolio Manager, then at the cost of the Issuer, for so long as any Notes remain outstanding, not later than three (3) Business Days prior to the execution of such proposed supplemental indenture (provided, that the execution
Section 8.6. Re-Pricing Amendment. For the avoidance of doubt, the Issuer and the Trustee may, without regard for the provisions of this Article VIII, enter into a supplemental indenture pursuant to Section 9.8(d) solely to modify the spread over LIBORthe Reference Rate applicable to the Re-Priced Class, and, to the extent applicable, to extend the Non-Call Period applicable to such Re-Priced Class or make changes to the definition of “Redemption Price” (any such amendment, a “Re-Pricing Amendment”).
Article ix
REDEMPTION OF NOTES
Section 9.1. Mandatory Redemption. If a Coverage Test is not met on any Determination Date on which such Coverage Test is applicable, the Issuer shall apply available amounts in the Payment Account on the related Distribution Date to make payments as required pursuant to the Priority of Distributions to achieve compliance with such Coverage Test.
Section 9.2. Optional Redemption or Redemption Following a Tax Event. (a) The Notes shall be redeemed by the Issuer, in whole but not in part, on any Business Day (x) at the written direction of the Issuer on or after the occurrence of a Tax Event from the proceeds of the liquidation of the Assets or (y) on or after the end of the Non-Call Period, at the written direction of the Issuer, with the consent of the Portfolio Manager and the Retention Holder, in any case from the proceeds of the liquidation of the Assets or from Refinancing Proceeds. A written direction described in clause (y) above shall be delivered to the Issuer, the Trustee and the Portfolio Manager no less than 10 Business Days prior to the proposed Redemption Date (unless the Trustee and the Portfolio Manager agree to a shorter notice period not to be less than 5 Business Days) from the proceeds of the liquidation of the Assets and/or from Refinancing Proceeds. In connection with any such redemption, the Notes shall be redeemed at the applicable Redemption Price. For purposes of an Optional Redemption, the Class A-1A Notes, the Class A-1B Notes and the Class A-2 Notes shall each constitute a separate Class.
In connection with any Optional Redemption of all of the Notes, the Portfolio Manager shall (unless the Redemption Price on all of the Notes shall be paid with Refinancing Proceeds) direct the sale of all or part of the Collateral Obligations and other Assets in an amount sufficient such that the Disposition Proceeds from such sale in accordance with the procedures set forth in Section 9.2(d) and all other funds available for such purpose in the Collection Account and the Payment Account (including any Refinancing Proceeds, if applicable) shall be at least sufficient to pay the Redemption Price on all of the Notes and to pay all Administrative Expenses (regardless of the Administrative Expense Cap) and other amounts, fees and expenses payable or distributable under the Priority of Distributions prior to any distributions to the Issuer (including,
without limitation, any amounts due to the Hedge Counterparties or the Portfolio Manager and the reasonable fees, costs, charges and expenses incurred by the Trustee and the Collateral Administrator (including reasonable attorneys’ fees and expenses)). If such Disposition Proceeds, Refinancing Proceeds, if applicable, and all other funds available for such purpose in the Collection Account and the Payment Account would not be sufficient to redeem the Notes subject to redemption and to pay such fees and expenses, the Notes may not be redeemed, except in the case of an Optional Redemption following the occurrence of a Tax Event with the consent of a Supermajority of each Class of Notes, in which case, such proceeds and other available funds shall
redeem the Notes in order to obtain Effective Date Ratings Confirmation or (3) Principal Proceeds necessary to reduce any outstanding Retention Deficiency to zero (such amount, the “Special Redemption Amount”), as the case may be, shall be applied in accordance with the Priority of Distributions under Section 11.1(a)(ii). Notice of payments pursuant to this Section 9.7 shall be given by the Trustee as soon as reasonably practicable, and in any case not less than three (3) Business Days prior to the applicable Special Redemption Date (provided, that such notice shall not be required in connection with a Special Redemption pursuant to clause (B) of the definition of such term if the Special Redemption Amount is not known on or prior to such date) to each Holder of Notes affected thereby at such Holder’s address in the Register and to the Rating Agencies.
Section 9.8. Re-Pricing of Notes. (a) The Issuer, with the consent of the Portfolio Manager and the Retention Holder, may reduce the spread over LIBORthe Reference Rate applicable with respect to any Class of Re-Pricing Eligible Notes (any such reduction with respect to any such Class of Notes, a “Re-Pricing” and any Class of Re-Pricing Eligible Notes to be subject to a Re-Pricing, a “Re-Priced Class”) on any Business Day after the Non-Call Period; provided that, the Issuer shall not effect any Re-Pricing unless each condition specified in this Section 9.8 is satisfied with respect thereto. For the avoidance of doubt, no terms of any Re-Pricing Eligible Notes other than the Interest Rate applicable thereto may be modified or supplemented in connection with a Re-Pricing; provided that in connection with any Re-Pricing, (x) the Non-Call Period with respect to such Re-Priced Class may, with the consent of the Issuer, be extended and/or (y) the definition of “Redemption Price” may be revised, with the written consent of the Issuer, to reflect any agreed upon make-whole payments for the applicable Re-Priced Class. In connection with any Re-Pricing, the Issuer may engage a broker-dealer (the “Re-Pricing Intermediary”) upon the recommendation and subject to the approval of the Issuer and such Re-Pricing Intermediary shall assist the Issuer in effecting the Re-Pricing.
Re-Pricing Replacement Notes, without further notice to the Non-Consenting Holders thereof, on the Re-Pricing Date to the Consenting Holders delivering Accepted Purchase Requests, with respect thereto, pro rata (subject to the applicable minimum denominations) based on the Aggregate Outstanding Amount of the Notes such Consenting Holders indicated an interest in purchasing pursuant to their Holder Purchase Requests. In the event that the Issuer receives Accepted Purchase Requests with respect to less than the Aggregate Outstanding Amount of the Notes of the Re-Priced Class held by Non-Consenting Holders, the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall cause the sale and transfer of such Notes of the Re-Priced Class or will sell Re-Pricing Replacement Notes to such Consenting Holders at the applicable Redemption Prices and, if applicable, conduct a redemption of Non-Consenting Holders’ Notes of the Re-Priced Class with the sale of Re-Pricing Replacement Notes, without further notice to the Non-Consenting Holders thereof, on the Re-Pricing Date to the Consenting Holders delivering Accepted Purchase Requests with respect thereto, and any excess Notes of the Re-Priced Class held by Non-Consenting Holders shall be sold to one or more purchasers designated by the Issuer (or the Re-Pricing Intermediary on behalf of the Issuer) or redeemed with proceeds from the sale of Re-Pricing Replacement Notes. All sales of Non-Consenting Holders’ Notes or Re-Pricing Replacement Notes to be effectuated pursuant to this clause (c) shall be made at the applicable Redemption Price, and shall be effectuated only if the related Re-Pricing is effectuated in accordance with the provisions hereof.
Section 10.7 Accountings.
Aggregate Outstanding Amount of the Notes of each Class after giving effect to the principal payments, if any, on the next Distribution Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Notes of such Class;
Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII. Each Distribution Report prepared by or on behalf of the Issuer following the filing of a petition in bankruptcy against the Issuer will distinguish between payments to Holders or beneficial owners whose payments are and are not subordinated pursuant to the Bankruptcy Subordination Agreement.
policies of such Person whether by contract or otherwise; provided that no special purpose company to which the Portfolio Manager provides investment advisory services shall be considered an Affiliate of the Portfolio Manager. For the avoidance of doubt, (A) for the purposes of calculating compliance with clause (ix) of the Concentration Limitations, an Obligor will not be considered an “Affiliate” of any other Obligor solely due to the fact that each such Obligor is under the control of the same financial sponsor and (B) Obligors in respect of Collateral Obligations shall be deemed not to be Affiliates if they have distinct corporate family ratings and/or distinct issuer credit ratings.
“First LIBOR Period End Date”: October 20, 2018.
Fitch Rating |
Fitch Rating Factor |
AAA |
0.19 |
AA+ |
0.35 |
AA |
0.64 |
AA- |
0.86 |
A+ |
1.17 |
A |
1.58 |
A- |
2.25 |
BBB+ |
3.19 |
BBB |
4.54 |
BBB- |
7.13 |
BB+ |
12.19 |
Fitch Rating |
Fitch Rating Factor |
BB |
17.43 |
BB- |
22.80 |
B+ |
27.80 |
B |
32.18 |
B- |
40.60 |
CCC+ |
62.80 |
CCC |
62.80 |
CCC- |
62.80 |
CC |
100.00 |
C |
100.00 |
D |
100.00 |
For the avoidance of doubt, deferred Base Management Fees will be included in clause (a)(ii) as an amount payable pursuant to Section 11.1(a)(i)(B) only to the extent such amount (or portion thereof) may be payable on such Distribution Date pursuant to the Priority of Distributions.
“Interest Coverage Effective Date”: The Determination Date immediately preceding the second Distribution Date.
until the aggregate of all collections in respect of such Diminished Distressed Exchange Obligation since it was received in connection with a Distressed Exchange equals the principal amount of the obligation for which it was exchanged and such Diminished Distressed Exchange Obligation no longer constitutes a diminished financial obligation; provided, further, that amounts that would otherwise constitute Interest Proceeds may be designated as Principal Proceeds pursuant to Section 7.17(d) with notice to the Collateral Administrator. Notwithstanding the foregoing, in the Portfolio Manager’s sole discretion (to be exercised on or before the related Determination Date), on any date after the first Distribution Date, Interest Proceeds in any Collection Period may be deemed to be Principal Proceeds; provided that such designation would not result in an interest deferral on any Class of Notes. Under no circumstances shall Interest Proceeds include the Excepted Property or any interest earned thereon.
“Libor Floor Obligation”: As of any date, a floating rate Collateral Obligation (a) for which the related Underlying Instruments allow a libor rate option, (b) that provides that such libor rate is (in effect) calculated as the greater of (i) a specified “floor” rate per annum and (ii) the London interbank offered rate for the applicable interest period for such Collateral Obligation and (c) that, as of such date, bears interest based on such libor rate option, but only if as of such date the London interbank offered rate for the applicable interest period is less than such floor rate.
“London Banking Day”: A day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in London, England.
“Notional Accrual Period”: Each of (i) the period from and including the Closing Date to but excluding the First LIBOR Period End Date and (ii) thereafter, the period from and including the First LIBOR Period End Date to but excluding the first Distribution Date.
“Notional Determination Date”: The second London Banking Day preceding the first day of each Notional Accrual Period.
Aggregate Outstanding Amounts (including the aggregate outstanding and unpaid Deferred Interest (if any) with respect to such Class or Classes and each Priority Class of Notes) of the Notes of such Class or Classes, each Priority Class of Notes and each pari passu Class of Notes.
“Reference Banks”: The meaning specified in Exhibit CRate”: With respect to Floating Rate Notes, Term SOFR plus 0.26161%.
Notwithstanding anything in the Indenture to the contrary, if at any time while any Notes are Outstanding, (i) a material disruption to the Term SOFR Reference Rate occurs, (ii) a change in the methodology of calculating the Term SOFR Reference Rate occurs, (iii) the Term SOFR Reference Rate ceases to exist or be reported, or (iv) greater than 50% of the par amount of (A)
quarterly pay floating rate Collateral Obligations or (B) floating rate notes issued in the preceding three months in new issue CLO transactions rely on reference rates other than Term SOFR, (x) the Portfolio Manager (on behalf of the Issuer) shall select, with notice to the Trustee, the Calculation Agent and the Collateral Administrator, an alternative base rate (the “Alternative Rate XE “Alternative Rate” ”) that, in its commercially reasonable judgment, is (a) an industry benchmark rate that is generally accepted in the financial markets as a replacement benchmark for the then-current Reference Rate, (b) a benchmark rate that is used to determine interest payable on at least 50% of all quarterly-pay floating rate Collateral Obligations, (c) the reference rate recognized or acknowledged (whether by letter, protocol, publication of standard terms or otherwise) as a replacement reference rate for the then-current Reference Rate by the Loan Syndications and Trading Association® (“LSTA” XE "LSTA" ) or the Alternative Reference Rates Committee convened by the Federal Reserve (“ARRC” XE "ARRC" ) or similar association or committee or successor thereto, (d) the single quarterly-pay reference rate that is used in calculating the interest rate of at least 50% of the par amount of floating rate notes priced or issued in the preceding three months in new issue collateralized loan obligation transactions or amendments of existing collateralized loan obligation transactions subject to reference rate-related supplemental indentures, (e) the single quarterly-pay reference rate that is used in calculating the interest rate of floating rate notes priced or issued in the preceding six months in at least ten new issue collateralized loan obligation transactions or amendments of existing collateralized loan obligation transactions subject to reference rate-related supplemental indentures and/or (f) with prior written notice to the Controlling Class, any other alternative base rate chosen by the Portfolio Manager unless a Majority of the Controlling Class objects in writing thereto within five Business Days of receipt of written notice thereof; provided that, such Alternative Rate shall be equal to or greater than 0.0%; and (y) all references herein to “Term SOFR” will mean such Alternative Rate selected by the Portfolio Manager.
withholding tax liability imposed under Section 1446 of the Code) in an aggregate amount in any Collection Period in excess of U.S.$1,000,000.
calculated by assuming that any LiborReference Rate Floor Obligation bears interest at a rate equal to the stated interest rate spread over the Libor interbank offered rateTerm SOFR Reference Rate based index for such LiborReference Rate Floor Obligation and (ii) in calculating the S&P CDO Monitor Adjusted BDR, the Collateral Principal Amount will exclude Principal Proceeds on deposit in the Ramp-Up Account permitted to be designated as Interest Proceeds prior to the first Distribution Date.
Exhibit 10.34
Execution Version
SECOND SUPPLEMENTAL INDENTURE
dated as of June 15, 2023 among
as Issuer
as Co-Issuer and
as Trustee to
the Amended and Restated Indenture, dated as of November 30, 2021, among the Co- Issuers and the Trustee
THIS SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of June 15, 2023, among BCC Middle Market CLO 2019-1, Ltd., a private company incorporated with limited liability under the laws of Jersey (the “Issuer”), BCC Middle Market CLO 2019-1 Co-Issuer, LLC, a limited liability company formed under the laws of the State of Delaware (the “Co-Issuer” and, together with the Issuer, the “Co-Issuers”), and Wells Fargo Bank, National Association, a national banking association with trust powers organized under the laws of the United States, as trustee (in such capacity, the “Trustee”), hereby amends the Amended and Restated Indenture, dated as of November 30, 2021 (as amended by the First Supplemental Indenture, dated as of August 2, 2022, the “Indenture”), among the Issuer, the Co- Issuer and the Trustee. Capitalized terms used in this Supplemental Indenture that are not otherwise defined herein have the meanings assigned thereto in the Indenture.
W I T N E S S E T H
WHEREAS, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR, then the Reference Rate shall be the applicable Alternative Rate;
WHEREAS, the Portfolio Manager expects a Benchmark Transition Event and its related Benchmark Replacement Date to occur on or after June 30, 2023 and the Portfolio Manager expects the Benchmark Replacement Rate and Alternative Rate to be the sum of Term SOFR and the applicable Benchmark Replacement Rate Adjustment commencing as of the Interest Determination Date relating to the Interest Accrual Period commencing in July 2023;
WHEREAS, the Relevant Governmental Body has recommended that the spread adjustment for three-month Term SOFR is 0.26161%;
WHEREAS, the Portfolio Manager hereby provides notice to the Issuer, the Trustee (who shall forward such notice to the Holders of the Notes), the Collateral Administrator, the Calculation Agent and the Rating Agency that the Alternative Rate is the Benchmark Replacement Rate;
WHEREAS, pursuant to Section 8.1(xxxi) of the Indenture, without the consent of the Holders of any Notes or any Hedge Counterparty, the Co-Issuers, when authorized by Resolutions, and with the prior written consent of the Portfolio Manager and the Retention Provider, at any time and from time to time subject to the requirements provided in Section 8.1 of the Indenture, following the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, may make any changes determined by the Portfolio Manager in its reasonable judgment to be necessary or advisable to facilitate a change from the Reference Rate to an Alternative Rate;
WHEREAS, the Issuer has determined that the conditions set forth in Article VIII of the Indenture for entry into this Supplemental Indenture have been satisfied as of the date hereof;
WHEREAS, pursuant to Section 8.1 of the Indenture, the Trustee has delivered a copy of this Supplemental Indenture to the Portfolio Manager, the Collateral Administrator, each
Hedge Counterparty, and the holders of the Notes and the Rating Agency not later than ten Business Days prior to the execution hereof; and
WHEREAS, the parties hereto intend for the amendments set forth herein to take effect on June 30, 2023 or on such earlier date that the Portfolio Manager notifies the Trustee (which may be via email) that a Benchmark Transition Event and its related Benchmark Replacement Date has occurred (the “Amendment Effective Date”);
NOW, THEREFORE, based upon the above recitals, the mutual premises and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:
SECTION 1. Amendments. The Indenture is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and underlined text (indicated textually in the same manner as the following example: bold and double-underlined text) as set forth on the pages of the Indenture attached as Exhibit A hereto, effective as of the Amendment Effective Date. For the avoidance of doubt, the Floating Rate Notes will continue to accrue interest using LIBOR as the Reference Rate for the remainder of the Interest Accrual Period following the Amendment Effective Date.
SECTION 2. Effect of Supplemental Indenture.
SECTION 3. Binding Effect.
The provisions of this Supplemental Indenture shall be binding upon and inure to the benefit of the Co-Issuers, the Trustee, the Portfolio Manager, the Collateral Administrator, the Holders and each of their respective successors and assigns.
-2-
SECTION 4. Acceptance by the Trustee.
The Trustee accepts the amendments to the Indenture as set forth in this Supplemental Indenture and agrees to perform the duties of the Trustee upon the terms and conditions set forth herein and in the Indenture, subject to its protections, immunities and indemnitees set forth therein and herein. Without limiting the generality of the foregoing, the Trustee assumes no responsibility for the correctness of the recitals contained herein, which shall be taken as the statements of the Co-Issuers and the Trustee shall not be responsible or accountable in any way whatsoever for or with respect to the validity, execution or sufficiency of this Supplemental Indenture and makes no representation with respect thereto.
SECTION 5. Execution, Delivery and Validity.
The Issuer and the Co-Issuer each represents and warrants to the Trustee that this Supplemental Indenture has been duly and validly executed and delivered by the Issuer or the Co- Issuer, as applicable, and constitutes its legal, valid and binding obligation, enforceable against the Issuer and the Co-Issuer in accordance with its terms. If the Portfolio Manager provides written notice to the Trustee (which may be via email) that the Amendment Effective Date has occurred prior to June 30, 2023, the Trustee shall forward such notice to the Holders by posting it to its Website.
SECTION 6. GOVERNING LAW.
THIS SUPPLEMENTAL INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
SECTION 7. Counterparts.
This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. This Supplemental Indenture (and each related document, modification and waiver in respect of this Supplemental Indenture) may be executed and delivered in counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file or any electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Issuer and reasonably available at no undue burden or expense to the Trustee), each of which shall be deemed an original, and all of which together constitute one and the same instrument. Delivery of an executed counterpart signature page of this Supplemental Indenture by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Supplemental Indenture and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the applicable person. The Trustee shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.
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SECTION 8. Limited Recourse; Non-Petition.
Notwithstanding any other provision of this Supplemental Indenture, Sections 2.8(i) and 5.4(d) of the Indenture are incorporated herein by reference thereto, mutatis mutandis.
SECTION 9. Direction.
By their signatures hereto, the Co-Issuers hereby direct the Trustee to execute this Supplemental Indenture and acknowledge and agree that the Trustee shall be fully protected in relying upon the foregoing consent and direction and hereby release the Trustee and its respective officers, directors, agents, employees and shareholders, as applicable, from any liability for complying with such direction.
SECTION 10. Portfolio Manager Notice.
The Portfolio Manager, by its execution of this Supplemental Indenture, hereby notifies the Issuer, Collateral Administrator, the Calculation Agent, the Trustee and the Holders that a Benchmark Transition Event and its related Benchmark Replacement Date will have occurred on June 30, 2023 in respect of LIBOR (unless otherwise notified by the Portfolio Manager prior to such date) and that the Alternative Rate is the Benchmark Replacement Rate. The Portfolio Manager hereby instructs and directs the Trustee to provide a copy of this Supplemental Indenture to each Holder and in doing so the Portfolio Manager hereby states that the notice required by the definition of “Alternative Rate” has been provided.
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IN WITNESS WHEREOF, we have set our hands as of the day and year first
written above.
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BCC MIDDLE MARKET CLO 2019-1, LTD., as Issuer |
By: |
/s/ Nicolas Rogivue |
Name: |
Nicolas Rogivue |
Title: |
Director |
BCC MIDDLE MARKET CLO 2019-1 CO-
ISSUER, LLC, as Co-Issuer
By: /s/ Edward L. Truitt Jr. Name: Edward L. Truitt Jr.
Title: Independent Manager
Wells Fargo Bank, National
Association, as Trustee
By: /s/ Thomas J. Gateau Name: Thomas J. Gateau
Title: Vice President
CONSENTED TO BY:
BAIN CAPITAL SPECIALTY FINANCE, INC.,
as Portfolio Manager
By: BCSF Advisors, LP.,
its Advisor
By: /s/ Sally Fassler Dornaus Name: Sally Fassler Dornaus
Title: Partner/CFO-Bain Capital Credit, LP
CONSENTED TO BY:
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Collateral Administrator and Calculation Agent
By: Computershare Trust Company, N.A., as its attorney in fact
By: /s/ Thomas J. Gateau Name: Thomas J. Gateau
Title: Vice President
Exhibit A
[Attached]
EXECUTION VERSION
Conformed through FirstSecond Supplemental Indenture dated as of August 2, 2022
BCC MIDDLE MARKET CLO 2019-1, LTD.,
Issuer,
BCC MIDDLE MARKET CLO 2019-1 CO-ISSUER, LLC,
Co-Issuer,
AND
WELLS FARGO BANK, NATIONAL ASSOCIATION,
Trustee
AMENDED AND RESTATED INDENTURE
Dated as of November 30, 2021
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|
|
Re-Pricing Eligible Notes |
No |
No |
Yes |
Yes |
N/A |
Form |
Book‑Entry (Physical for AIs) |
Book‑Entry (Physical for AIs) |
Book‑Entry (Physical for AIs) |
Book‑Entry (Physical for AIs) |
Physical |
Non-U.S. Holders Permitted |
Yes |
Yes |
Yes |
Yes |
No |
________
* The spread over the Reference Rate (or, in the case of any Fixed Rate Notes, the Interest Rate) applicable to any Class of Re-Pricing Eligible Notes may be reduced in connection with a Re‑Pricing of such Class of Re-Pricing Eligible Notes, subject to the conditions set forth in Section 9.8.
** The initial Reference Rate with respect to the Floating Rate Notes will be LIBORTerm SOFR plus 0.26161%. The Reference Rate for calculating interest on the Notes may be replaced with an Alternative Rate as set forth herein.
*** An exception to the minimum denominations may be granted by the Issuer in accordance with Article VIII hereof.
The Notes shall be issued in minimum denominations of U.S.$250,000 and integral multiples of U.S.$1.00 in excess thereof (the “Authorized Denominations”); provided that an exception to the minimum denominations may be granted by the Issuer solely to allow for compliance with applicable Risk Retention Regulations.
Section 2.4. Additional Notes.At any time during the Reinvestment Period or, solely in the case of a Risk Retention Issuance, during and after the Reinvestment Period, subject to (x) the written approval of the Portfolio Manager, the Retention Holder and the Issuer and (y) solely in the case of an additional issuance of any Class A-1-R Notes (other than any such additional issuance that is a Risk Retention Issuance or that is being made contemporaneously with a Refinancing or Partial Redemption by Refinancing of the Class A-1-R Notes, as applicable), a Majority of the Class A-1-R Notes, the Applicable Issuers may, pursuant to a supplemental indenture in accordance with Section 8.1 hereof, issue and sell Additional Notes (including a Risk Retention Issuance) of (1) each Class and/or (2) with notice to the Rating Agency, additional secured or unsecured notes of one or more new classes that are junior in right of payment to the Notes (such Additional Notes, “Junior Mezzanine Notes”) up to, in the case of an additional issuance of a Class of Notes (other than a Risk Retention Issuance), an aggregate maximum amount of Additional Notes equal to 100% of the original principal amount of each such Class of Notes; provided that (i) the Applicable Issuers shall comply with the requirements of Sections 2.6, 3.2, 7.9 and 8.1, (ii) solely with respect to an additional issuance of such Notes, the Issuer provides notice of such issuance to each Rating Agency then rating a Class of Notes, (iii) solely with respect to an additional issuance of Notes (other than a Risk Retention Issuance), immediately after giving effect to such issuance and the application of the net proceeds thereof, each Overcollateralization Ratio Test is maintained or improved, (iv) the issuance of such Notes shall be proportional across all Classes of Notes that are rated by a Rating Agency (including additional Notes of any Class of Notes issued on the Refinancing Date); provided, that a larger proportion of Junior Mezzanine Notes may be issued, (v) the proceeds of any Additional Notes (net of fees and expenses incurred in connection with such issuance) shall be treated as Principal Proceeds, used to purchase additional Collateral Obligations or, solely with the proceeds of an issuance of additional Junior Mezzanine Notes, applied as otherwise permitted under this Indenture (including for application to any Permitted Use); provided that the Issuer has consented to treating as Principal Proceeds any proceeds of an additional issuance in excess of the Reinvestment Target Par Balance, (vi) for any issuance other than a Risk Retention Issuance, Tax Advice shall be delivered to the Trustee to the effect that (A) such additional issuance will not cause the Issuer to be treated as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes or to be subject to U.S. federal income tax on a net basis (including any withholding tax liability under Section 1446 of
observance by any other Person of any of the covenants, agreements or other terms or conditions set forth in the Transaction Documents or in any related document, (v) the occurrence of any default, or the validity, enforceability, effectiveness or genuineness of any Transaction Document, any related document or any other agreement, instrument or document, or (vi) the satisfaction of any condition set forth in any Transaction Document or any related document;
Section 6.4. Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, other than the Certificate of Authentication thereon, shall be taken as the statements of the Applicable Issuers; and the Trustee assumes no responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Indenture (except as may be made with respect to the validity of the Trustee’s obligations hereunder), the Assets or the Notes. The Trustee shall not be accountable for the use or application by the Co-Issuers of the Notes or the proceeds thereof or any Money paid to the Co-Issuers pursuant to the provisions hereof.
Section 6.5. Trustee May Hold Notes. The Trustee, any Paying Agent, the Registrar or any other agent of the Co-Issuers, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Co-Issuers or any of their respective Affiliates with the same rights it would have if it were not Trustee, Paying Agent, Registrar or such other agent.
Section 6.6. Money Held in Trust. Money held by the Trustee hereunder shall be held in trust to the extent required herein. The Trustee shall be under no liability for interest on any Money received by it hereunder, except in its capacity as the Bank to the extent of income or other gain on investments which are deposits in or certificates of deposit of the Bank in its commercial capacity and income or other gain actually received by the Trustee on Eligible Investments.
pledging, contracting for the management of and otherwise dealing with Collateral Obligations and the other Assets in connection therewith, and entering into Hedge Agreements, the Collateral Administration Agreement, the Securities Account Control Agreement, the Portfolio Management Agreement and other agreements specifically contemplated by this Indenture, and the Co-Issuer shall not engage in any business or activity other than issuing, selling, paying and redeeming the Notes and to be issued by it pursuant to this Indenture and, with respect to the Issuer and the Co-Issuer, such other activities which are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith or ancillary thereto. The Issuer and the Co-Issuer may amend, or permit the amendment of, the provisions of the certificate of incorporation and Memorandum and Articles, and the certificate of formation and limited liability company agreement of the Co-Issuer, respectively, which related to their bankruptcy remote nature or separateness covenants only if such amendment would satisfy the Fitch Rating Condition.
Section 7.13. Annual Rating Review. So long as any of the Notes of any Class remains Outstanding, on or before December 31st in each year, commencing in 2022, the Co-Issuers shall obtain and pay for an annual review of the rating of each such Class of Notes from each Rating Agency, as applicable. The Co-Issuers shall promptly notify the Trustee and the Portfolio Manager in writing (and the Trustee shall promptly provide the Holders with a copy of such notice upon request) if at any time the rating of any such Class of Notes has been, or is known shall be, changed or withdrawn.
Section 7.14. Reporting. At any time when the Co-Issuers are not subject to Section 13 or 15(d) of the Exchange Act and are not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of a Note, the Co-Issuers shall promptly furnish or cause to be furnished “Rule 144A Information” to such Holder or beneficial owner, to a prospective purchaser of such Notes designated by such Holder or beneficial owner, or to the Trustee for delivery upon an Issuer Order to such Holder or beneficial owner or a prospective purchaser designated by such Holder or beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial owner of such Notes with Rule 144A under the Securities Act in connection with the resale of such Notes by such Holder or beneficial owner of such Notes, respectively. “Rule 144A Information” shall be such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto).
Section 7.1.5 Calculation Agent. (a) The Issuer hereby agrees that for so long as any Notes remain Outstanding there shall at all times be an agent appointed (which does not control or is not controlled or under common control with the Issuer or its Affiliates or the Portfolio Manager or its Affiliates) to calculate LIBORthe Reference Rate in respect of each Interest Accrual Period (or, for the first Interest Accrual Period after the Refinancing Date, each portion thereof) (the “Calculation Agent”). The Issuer hereby appoints the Collateral Administrator as Calculation Agent. The Calculation Agent may be removed by the Issuer or the Portfolio Manager, on behalf of the Issuer, at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer or the Portfolio Manager, on behalf of the Issuer, shall promptly appoint a replacement Calculation Agent which does not control or is not controlled by or under common control with the Issuer or its Affiliates or the Portfolio Manager or its Affiliates. The Calculation Agent may not resign its duties without a successor having been duly appointed.
Section 7.1.6 Certain Tax Matters. (a) The Issuer shall treat the Notes as indebtedness for U.S. federal, state and local income and franchise tax purposes, except as otherwise required by law.
For the avoidance of doubt, (A) for the purposes of calculating compliance with clause (ix) of the Concentration Limitations, an Obligor will not be considered an “Affiliate” of any other Obligor solely due to the fact that each such Obligor is under the control of the same financial sponsor and (B) Obligors in respect of Collateral Obligations shall be deemed not to be Affiliates if they have distinct corporate family ratings and/or distinct issuer credit ratings.
(1) the sum of: (a) Term SOFR and (b) the applicable Benchmark Replacement Rate Adjustment;
All such determinations made by the Portfolio Manager as described above shall be conclusive and binding and, absent manifest error, may be made in the Portfolio Manager’s sole discretion, and shall become effective without consent from any other party.
“Benchmark Replacement Rate Adjustment”: With respect to any replacement of the then-current Reference Rate with an Unadjusted Benchmark Replacement Rate, the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected by the Portfolio Manager as of the Benchmark Replacement Date, giving due consideration to the first alternative set forth below:
“Benchmark Transition Event”: The occurrence of one or more of the following events with respect to the then-current Reference Rate: (a) public statement or publication of information by or on behalf of the administrator of the Reference Rate announcing that such administrator has ceased or will cease to provide the Reference Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to
members, independent directors or independent managers thereof before such trust, corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (ii) at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities.
For the avoidance of doubt, deferred Base Management Fees will be included in clause (a)(ii) as an amount payable pursuant to Section 11.1(a)(i)(B) only to the extent such amount (or portion thereof) may be payable on such Distribution Date pursuant to the Priority of Distributions.
the lender/participant. The lender/participant may or may not be obligated to collateralize its funding obligations to the LOC Agent Bank.
“LIBOR”: With respect to the Floating Rate Notes, for any Interest Accrual Period (other than the first Interest Accrual Period), the greater of (i) 0.0% and (ii)(a) the rate appearing on the Reuters Screen (the “Screen Rate{xe "Screen Rate"}”) for deposits with a term of the Designated Maturity as of 11:00 a.m., London time, on the Interest Determination Date or (b) if such rate is unavailable at the time LIBOR is to be determined, LIBOR shall be determined on the basis of the rates at which deposits in U.S. Dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on the Interest Determination Date to prime banks in the London interbank market for a period approximately equal to such Interest Accrual Period and an amount approximately equal to the aggregate outstanding amount of the Notes. The Calculation Agent will request the principal London office of each Reference Bank to provide a quotation of its rate. If at least two such quotations are provided, LIBOR will be the arithmetic mean of such quotations (rounded upward to the next higher 1/100). If fewer than two quotations are provided as requested, LIBOR with respect to such Interest Accrual Period will be the arithmetic mean of the rates quoted (rounded upward to the next higher 1/100) by three major banks in New York, New York selected by the Portfolio Manager with notice to the Calculation Agent after consultation with the Portfolio Manager at approximately 11:00 a.m., New York time, on such Interest Determination Date for loans in U.S. Dollars to leading European banks for a term approximately equal to such Interest Accrual Period and an amount approximately equal to the aggregate outstanding principal amount of the Notes. If the Calculation Agent is required but is unable to determine a rate in accordance with at least one of the procedures described above, LIBOR will be LIBOR as determined on the previous Interest Determination Date. “LIBOR,” when used with respect to a Collateral Obligation, means the “Libor” rate determined in accordance with the terms of such Collateral Obligation.
“London Banking Day”: A day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in London, England.
“Long-Dated Obligation”: An obligation that has a scheduled maturity later than the earliest Stated Maturity of the Notes.
“Reference Banks”: With respect to calculating LIBOR, any four major banks in the London market selected by the Calculation Agent after consultation with the Portfolio Manager.
“Reference Rate”: The greater of (A) zero and (B)(i) LIBORTerm SOFR plus 0.26161% or (ii) the Alternative Rate adopted in accordance with this Indenture (as such rate may be modified in accordance with the terms thereof). For the avoidance of doubt, with respect to the adoption of an Alternative Rate, the Calculation Agent shall have no obligation other than to calculate the Interest Rates based upon such Alternative Rate.
the Reinvestment Target Par Balance, (B) each test specified in the definition of Collateral Quality Test is satisfied and (C) each Overcollateralization Ratio Test is satisfied; (2) such period will not be a Restricted Trading Period (so long as such Fitch rating has not been further downgraded, withdrawn or put on watch for potential downgrade) upon the direction of the Majority of the Controlling Class, which direction shall remain in effect until the earlier of (i) a further downgrade or withdrawal of such Fitch rating that, disregarding such direction, would cause the conditions set forth above to be true and (ii) a subsequent direction to the Issuer (with a copy to the Trustee and the Collateral Administrator) by a Majority of the Controlling Class declaring the beginning of a Restricted Trading Period and (3) no Restricted Trading Period will restrict any sale of a Collateral Obligation entered into by the Issuer at a time when a Restricted Trading Period was not in effect, regardless of whether such sale has settled.
“Retention Basis Amount”: On any date of determination, an amount used for determining the amount of EU/UK Retained Interest and in determining compliance with the EU/UK Risk Retention Requirements and in determining whether a Retention Deficiency has occurred and equal to the Collateral Principal Amount on such date with the following adjustments: (i) Defaulted Obligations will be included in the Collateral Principal Amount and the Principal Balances thereof will be deemed to equal their respective outstanding principal amounts, and (ii) any security owned by the Issuer will be included in the Collateral Principal Amount with a Principal Balance determined as follows: (a) in the case of a debt obligation or other debt security, the principal amount outstanding of such obligation or security; (b) in the case of an equity security received upon a “debt for equity swap” in relation to a restructuring or other similar event, the principal amount outstanding of the debt which was swapped for the equity security; and (c) in the case of any other equity security, the nominal value thereof as determined by the Portfolio Manager.
“Reuters Screen”: The rates for deposits in dollars which appear on the Reuters Screen LIBOR 01 Page (or such other page that may replace that page on such service for the purpose of displaying comparable rates) on the Bloomberg Financial Markets Commodities News as of 11:00 a.m., London time, on the Interest Determination Date.
“SOFR”: With respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s website.
5% or more of Scheduled Distributions for any Collection Period, or (ii) any jurisdiction imposing net income, profits or similar Tax on the Issuer (including, for this purpose, any withholding tax liability imposed under Section 1446 of the Code) in an aggregate amount in any Collection Period in excess of U.S.$1,000,000.
“Term SOFR”: The Term SOFR Reference Rate for the Designated Maturity on the applicable Interest Determination Date, as such rate is published by the Term SOFR Administrator; provided, that if as of 5:00 p.m. (New York time) on any Interest Determination Date the Term SOFR Reference Rate for the Designated Maturity has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be (x) the Term SOFR Reference Rate for the Designated Maturity as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for the Designated Maturity was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than five (5) Business Days prior to such Interest Determination Date or (y) if the Term SOFR Reference Rate cannot be determined in accordance with clause (x) of this proviso, Term SOFR shall be the Term SOFR Reference Rate as determined on the previous Interest Determination Date.
“Term SOFR Administrator”: CME Group Benchmark Administration Limited, or a successor administrator of the Term SOFR Reference Rate selected by the Portfolio Manager with notice to the Trustee and the Collateral Administrator.
“Term SOFR Reference Rate”: The forward-looking term rate for an index maturity of three months based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Unadjusted Benchmark Replacement Rate”: The Benchmark Replacement Rate excluding the Benchmark Replacement Rate Adjustment.
“U.S. Risk Retention Rules”: The federal interagency credit risk retention rules, codified at 17 C.F.R. Part 246.
Exhibit 24.1
Power of Attorney
I, Amy Butte, of 200 Clarendon Street, 37th Floor, Boston, MA 02116, hereby appoint Michael Ewald, Michael Boyle, Jeffrey Hawkins, Michael Treisman, Sally Dornaus, James Goldman and Jessica Yeager as my recognized representatives and true and lawful attorneys-in-fact to sign any and all registration statements and other filings of Bain Capital Specialty Finance, Inc. (the “Company”), and any amendments or supplements thereto and all instruments necessary or incidental in connection therewith, and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission (the “SEC”), granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his or her substitutes, may lawfully do or cause to be done by virtue hereof.
This is the only power granted by this Power of Attorney. This Power of Attorney applies to all future documents filed with the SEC relating to my service a Director of the Company and any amendments thereto. This Power of Attorney is revocable by me at any time. Third parties receiving a duly executed copy, a copy uploaded in text or html format or facsimile of this Power of Attorney may rely upon this Power of Attorney.
Signature: |
/s/ Amy Butte |
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Name: |
Amy Butte |
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|
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Title: |
Director |
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|
|
Date: |
6/27/2023 |
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Power of Attorney
I, Michael Boyle, of 200 Clarendon Street, 37th Floor, Boston, MA 02116, hereby appoint Michael Ewald, Jeffrey Hawkins, Michael Treisman, Sally Dornaus, James Goldman and Jessica Yeager as my recognized representatives and true and lawful attorneys-in-fact to sign any and all registration statements and other filings of Bain Capital Specialty Finance, Inc. (the “Company”), and any amendments or supplements thereto and all instruments necessary or incidental in connection therewith, and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission (the “SEC”), granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his or her substitutes, may lawfully do or cause to be done by virtue hereof.
This is the only power granted by this Power of Attorney. This Power of Attorney applies to all future documents filed with the SEC relating to my service a Director of the Company and any amendments thereto. This Power of Attorney is revocable by me at any time. Third parties receiving a duly executed copy, a copy uploaded in text or html format or facsimile of this Power of Attorney may rely upon this Power of Attorney.
Signature: |
/s/ Michael Boyle |
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Name: |
Michael Boyle |
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Title: |
Director and President |
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Date: |
6/29/2023 |
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Power of Attorney
I, Sally Dornaus, of 200 Clarendon Street, 37th Floor, Boston, MA 02116, hereby appoint Michael Ewald, Michael Boyle, Jeffrey Hawkins, Michael Treisman, James Goldman and Jessica Yeager as my recognized representatives and true and lawful attorneys-in-fact to sign any and all registration statements and other filings of Bain Capital Specialty Finance, Inc. (the “Company”), and any amendments or supplements thereto and all instruments necessary or incidental in connection therewith, and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission (the “SEC”), granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his or her substitutes, may lawfully do or cause to be done by virtue hereof.
This is the only power granted by this Power of Attorney. This Power of Attorney applies to all future documents filed with the SEC relating to my service the Chief Financial Officer of the Company and any amendments thereto. This Power of Attorney is revocable by me at any time. Third parties receiving a duly executed copy, a copy uploaded in text or html format or facsimile of this Power of Attorney may rely upon this Power of Attorney.
Signature: |
/s/ Sally Dornaus |
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Name: |
Sally Dornaus |
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Title: |
Chief Financial Officer |
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Date: |
6/28/2023 |
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Power of Attorney
I, Michael A. Ewald, of 200 Clarendon Street, 37th Floor, Boston, MA 02116, hereby appoint Michael Boyle, Jeffrey Hawkins, Michael Treisman, Sally Dornaus, James Goldman and Jessica Yeager as my recognized representatives and true and lawful attorneys-in-fact to sign any and all registration statements and other filings of Bain Capital Specialty Finance, Inc. (the “Company”), and any amendments or supplements thereto and all instruments necessary or incidental in connection therewith, and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission (the “SEC”), granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his or her substitutes, may lawfully do or cause to be done by virtue hereof.
This is the only power granted by this Power of Attorney. This Power of Attorney applies to all future documents filed with the SEC relating to my service a Director of the Company and any amendments thereto. This Power of Attorney is revocable by me at any time. Third parties receiving a duly executed copy, a copy uploaded in text or html format or facsimile of this Power of Attorney may rely upon this Power of Attorney.
Signature: |
/s/ Michael Ewald |
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Name: |
Michael Ewald |
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Title: |
Director and Chief Executive Officer |
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Date: |
6/27/2023 |
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Power of Attorney
I, David A. Fubini, of 200 Clarendon Street, 37th Floor, Boston, MA 02116, hereby appoint Michael Ewald, Michael Boyle, Jeffrey Hawkins, Michael Treisman, Sally Dornaus, James Goldman and Jessica Yeager as my recognized representatives and true and lawful attorneys-in-fact to sign any and all registration statements and other filings of Bain Capital Specialty Finance, Inc. (the “Company”), and any amendments or supplements thereto and all instruments necessary or incidental in connection therewith, and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission (the “SEC”), granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his or her substitutes, may lawfully do or cause to be done by virtue hereof.
This is the only power granted by this Power of Attorney. This Power of Attorney applies to all future documents filed with the SEC relating to my service a Director of the Company and any amendments thereto. This Power of Attorney is revocable by me at any time. Third parties receiving a duly executed copy, a copy uploaded in text or html format or facsimile of this Power of Attorney may rely upon this Power of Attorney.
Signature: |
/s/ David Fubini |
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Name: |
David Fubini |
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Title: |
Director |
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Date: |
6/28/2023 |
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Power of Attorney
I, Jeffrey B. Hawkins, of 200 Clarendon Street, 37th Floor, Boston, MA 02116, hereby appoint Michael Ewald, Michael Boyle, Michael Treisman, Sally Dornaus, James Goldman and Jessica Yeager as my recognized representatives and true and lawful attorneys-in-fact to sign any and all registration statements and other filings of Bain Capital Specialty Finance, Inc. (the “Company”), and any amendments or supplements thereto and all instruments necessary or incidental in connection therewith, and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission (the “SEC”), granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his or her substitutes, may lawfully do or cause to be done by virtue hereof.
This is the only power granted by this Power of Attorney. This Power of Attorney applies to all future documents filed with the SEC relating to my service a Director of the Company and any amendments thereto. This Power of Attorney is revocable by me at any time. Third parties receiving a duly executed copy, a copy uploaded in text or html format or facsimile of this Power of Attorney may rely upon this Power of Attorney.
Signature: |
/s/ Jeff Hawkins |
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Name: |
Jeff Hawkins |
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Title: |
Director |
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Date: |
6/27/2023 |
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Power of Attorney
I, Thomas A. Hough, of 200 Clarendon Street, 37th Floor, Boston, MA 02116, hereby appoint Michael Ewald, Michael Boyle, Jeffrey Hawkins, Michael Treisman, Sally Dornaus, James Goldman and Jessica Yeager as my recognized representatives and true and lawful attorneys-in-fact to sign any and all registration statements and other filings of Bain Capital Specialty Finance, Inc. (the “Company”), and any amendments or supplements thereto and all instruments necessary or incidental in connection therewith, and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission (the “SEC”), granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his or her substitutes, may lawfully do or cause to be done by virtue hereof.
This is the only power granted by this Power of Attorney. This Power of Attorney applies to all future documents filed with the SEC relating to my service a Director of the Company and any amendments thereto. This Power of Attorney is revocable by me at any time. Third parties receiving a duly executed copy, a copy uploaded in text or html format or facsimile of this Power of Attorney may rely upon this Power of Attorney.
Signature: |
/s/ Thomas Hough |
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Name: |
Thomas Hough |
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Title: |
Director |
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Date: |
6/28/2023 |
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Power of Attorney
I, Jay Margolis, of 200 Clarendon Street, 37th Floor, Boston, MA 02116, hereby appoint Michael Ewald, Michael Boyle, Jeffrey Hawkins, Michael Treisman, Sally Dornaus, James Goldman and Jessica Yeager as my recognized representatives and true and lawful attorneys-in-fact to sign any and all registration statements and other filings of Bain Capital Specialty Finance, Inc. (the “Company”), and any amendments or supplements thereto and all instruments necessary or incidental in connection therewith, and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission (the “SEC”), granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his or her substitutes, may lawfully do or cause to be done by virtue hereof.
This is the only power granted by this Power of Attorney. This Power of Attorney applies to all future documents filed with the SEC relating to my service a Director of the Company and any amendments thereto. This Power of Attorney is revocable by me at any time. Third parties receiving a duly executed copy, a copy uploaded in text or html format or facsimile of this Power of Attorney may rely upon this Power of Attorney.
Signature: |
/s/ Jay Margolis |
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Name: |
Jay Margolis |
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Title: |
Director |
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Date: |
6/27/2023 |
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Power of Attorney
I, Clare S. Richer, of 200 Clarendon Street, 37th Floor, Boston, MA 02116, hereby appoint Michael Ewald, Michael Boyle, Jeffrey Hawkins, Michael Treisman, Sally Dornaus, James Goldman and Jessica Yeager as my recognized representatives and true and lawful attorneys-in-fact to sign any and all registration statements and other filings of Bain Capital Specialty Finance, Inc. (the “Company”), and any amendments or supplements thereto and all instruments necessary or incidental in connection therewith, and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission (the “SEC”), granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his or her substitutes, may lawfully do or cause to be done by virtue hereof.
This is the only power granted by this Power of Attorney. This Power of Attorney applies to all future documents filed with the SEC relating to my service a Director of the Company and any amendments thereto. This Power of Attorney is revocable by me at any time. Third parties receiving a duly executed copy, a copy uploaded in text or html format or facsimile of this Power of Attorney may rely upon this Power of Attorney.
Signature: |
/s/ Clare Richer |
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Name: |
Clare Richer |
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Title: |
Director |
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Date: |
6/27/2023 |
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Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO RULE 13a-14 UNDER THE SECURITIES EXCHANGE ACT OF 1934
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Michael A. Ewald, certify that:
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I have reviewed this Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc.; |
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
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(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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(b) |
Designed such internal control over financial reporting, or caused, such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions): |
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(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 8, 2023
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/s/ Michael A. Ewald |
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Michael A. Ewald |
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Chief Executive Officer |
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Bain Capital Specialty Finance, Inc. |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO RULE 13a-14 UNDER THE SECURITIES EXCHANGE ACT OF 1934
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Sally F. Dornaus, certify that:
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I have reviewed this Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc.; |
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
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(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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(b) |
Designed such internal control over financial reporting, or caused, such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions): |
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(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
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(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 8, 2023
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/s/ Sally F. Dornaus |
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Sally F. Dornaus |
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Chief Financial Officer |
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Bain Capital Specialty Finance, Inc. |
Exhibit 32
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc. (the “Company”) for the quarterly period ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael A. Ewald, Chief Executive Officer of the Company, and I, Sally F. Dornaus, Chief Financial Officer of the Company, each certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:
Date: August 8, 2023
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/s/ Michael A. Ewald |
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Michael A. Ewald |
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Chief Executive Officer |
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Bain Capital Specialty Finance, Inc. |
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/s/ Sally F. Dornaus |
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Sally F. Dornaus |
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Chief Financial Officer |
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Bain Capital Specialty Finance, Inc. |